Finance Minister Abdulla Jihad has said that it is a problem if the ministry has to take an additional permit to take a loan while the budget was passed with the intention of settling part of the budget through loans.
Minister Jihad made this remark during a press conference held by the Economic Council on Wednesday at the President's Office.
He said that amendments have been submitted to the Finance Act to change this.
Minister Jihad revealed that the government have been paying the bills left unpaid by Nasheed's government sine 2012. He added that the bills will be cleared by 2015.
Jihad revealed that the main aim of the government is to reduce budget deficit to reach a balanced budget, adding that they have no plans to submit a supplementary budget this year.
Finance Ministry had recently announced the decision to cut 20% from office expenditures and termination of budgets for projects which have not yet commenced due to the lack of profit gained by the government budget this year.
It is a problem when a permit has to be taken while the loan grant is passed with budget- Finance Minister
