Speaker of the Parliament Mohamed Nasheed has warned that State reserve would fall to dangerous levels next month.
His comments came after the Finance Ministry revealed that with the debt taken on in the first quarter of this year, the State's debt has now risen to MVR 99 billion.
In a message to an MDP parliamentary member Watsapp group, Nasheed said that he had spoken about restructuring the debt back in 2019 and 2020 because it would be problematic to do so later on.
Nasheed said that it would prove difficult to keep up with the debt obligations this year and next year.
He said that it remains unclear the amount of debt to be cleared within the next few months and how the administration is working to generate the revenue for the payments. He also said that the Parliament's Public Finance Committee should look into this.
He added that next month the State's reserve would fall to dangerously low levels.
Finance Minister statistics show that State debt had risen by MVR 4.3 billion during the first quarter of this year compared to the last quarter of last year.
