Auditor General, Hassan Ziyath, has said that in the next three years, the government needs to play MVR 19 billion as loan repayments.

Speaking at the budget committee of the parliament yesterday, Ziyath said that it has been noted that the government spending is increasing more than the earning. And the government needs to pay a special attention to the loan cases.

He said that 34 percent of the government’s entire loan portfolio has to be refinanced in the next three years; which is 21 percent of the production. Ziyath said that the bonds given out by the government has gone up to 5.4 billion in the past four years and needs to be paid.

The GDP will be at 79 percent at the end of the year which totals up to MVR 71.5 billion along with the state guarantee. The Auditor General also noted that while 21 percent of the annual budget for 2019 was stated for loan repayments, on 14 percent has been used so far.

While debates are underway at the budget committee of the parliament on the annual state budget for 2020, the government has proposed a budget of MVR 37.5 billion. The parliament committee has been meeting with the state institutes to consult on the budget.