Economic Minister and Chairperson of MDP Fayyaz Ismail says loans are necessary to carry out projects in the way the public expects and that loans should be taken.
He made this statement at the function held on Hanimaadhoo Island in the Haa Dhaalu Atoll to mark the inauguration of the Hanimaadhoo International Airport expansion project.
Addressing those who criticize this administration, Fayyaz said that talks of the Maldives defaulting keep popping up but that the Maldives would not default.
He said that taking loans was necessary to complete projects and that the country would not default just by taking loans.
The Minister went on to say that the government is taking on more loans for the economical benefit of the whole nation and that it is taking a decision after doing calculations and making estimations.
Noting that taxes and loans were required for developmental gains, Fayyaz said that this government had to hike the taxes as the previous governments were unable to achieve the dreams of the people, and this government was required to achieve all.
In his speech last night, the Economic Minister compared the Hanimaadhoo Airport project to the boat built by legendary Sultan Muhammad Thakurufaanu who led the revolt against the 17-year rule of the Portuguese hundreds of years back.
He described the Hanimaadhoo project as the next most important project in the North after the legendary boat 'Kalhu Oh funmi' was built.
The historic project is the largest and most significant infrastructure project initiated outside the Malé region. Funded through an MVR2.1 billion loan from the Exim Bank of India, the project is contracted to India-based firm JMC Projects.
The project will see the development of a new 2,460-meter runway and facilities to cater to large aircraft. The new terminal is designed to accommodate 1.3 million passengers annually.
