Maldives Previous administration gave sovereign guarantees worth US$1.3 billion

The previous administration issued sovereign guarantees for loans worth US$1.36 billion, Finance Minister Ibrahim Ameer informed the press Monday, promising a new era of transparency in government finances.Of the guaranteed debt, US$666 million has been disbursed so far to 24 companies, he noted, pledging to publicise their identities and details of the loans.With the exception of one private company, guarantees were issued for loans taken by state-owned enterprises, Ameer said.According to newspaper Mihaaru, a sovereign guarantee was issued for a US$127.5 million loan taken by MP Ahmed Siyam Mohamed, leader of the Maldives Development Alliance, a coalition partner of the former ruling party. The loan was taken to develop the Irufushi resort under his ‘Sun Siyam’ brand..............


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