Financial oversight committee of the parliament has decided to summon the Finance Minister for question, after it was discovered that the government sold a bond of 200 million dollars at an interest rate high than that of the normal rates.
The members noted that the government obtains loans at low interest rates such as 1 to 2 percent. However this 200 million dollar bond was sold at 7 percent interest rate. In addition the administrative cost of the loan was 14 million Rufiyaa making the total interest rate 8 percent. Even PPM members on the committee expressed concern.
The members noted that hence the loan has been taken, there is nothing that can be done and now it is important to see how the money is being used. Members who expressed concern about the loan includes Riyaz Rasheed, Ahmed Rasheed and Ahmed Nashidh (ADK).
Finance Minister to be questioned by the parliament for obtaining a 200 million dollar loan for a high interest rate !
