Public Accounts Committee

Public Accounts Committee's 11th meeting for the year 2023

09 Oct 2023 Number 11

Summary

In today’s meeting, details of loan agreement of MVR150 million between Maldives Industrial Fisheries Company Limited (MIFCO) and Habib Bank Limited (HBL), details of agreement for 26.4 million American Dollars Loan and 26.4 million American Dollars Grant (Total 52.8 million American Dollars) from World Bank’s International Development Association (IDA) for "Transforming Fisheries Sector in South-West Indian Region and Maldives Project" and details of agreement for 7.5 million American Dollars Loan and 7.5 million American Dollars Grant (Total 15 Million American Dollars) from World Bank’s International Development Association (IDA) for "Maldives Competitiveness and Growth Project" was shared with the members. Moreover, the details of budget support loan of 50 million Euro from Hungarian Export-Import Bank Private Limited (EXIM Hungary) to in order to address the problems faced by the state's cash flow was shared with the members. The details of Guarantees given for two loans of MVR200 Million (Total MVR400 million) from Maldives Islamic Bank (MIB) to provide working capital for Fenaka Corporation Limited was also discussed. Furthermore, the committee discussed the Audit Reports of North Thiladhunmathi Atoll Council (HA. Atoll Council) for the years 2013 and 2016.

Works

13 Sep 2023

Fenaka Corporation Limited Working Capital - MVR200 Million Loan from Maldives Islamic Bank (MIB) (guarantee issued on 27/08/2023)

Completed

30 Jul 2023

Budget Support Loan Agreement of with 50 Million Euro signed with Hungarian Export-Import Bank Private Limited (Exim Hungary)

Completed

30 Jul 2023

Fenaka Corporation Limited Working Capital - MVR200 Million Loan from Maldives Islamic Bank (MIB) (guarantee issued on 22/06/2023)

Completed

20 Jul 2023

Maldives Competitiveness and Growth Project - $150 Million (7.5M Loan and 7.5M Grant) from World Bank's International Development Association (IDA)

Completed

20 Jul 2023

Transforming Fisheries Sector in South-West Indian Region and Maldives Project - $52.8 Million ($26.4M grants and $26.4M) from

Completed

19 Jun 2023

Maldives Industrial Fisheries Company Limited (MIFCO) with Habib Bank Limited (HBL) - MVR150 Million guarantee

Completed

27 Jun 2016

North Thiladhunmathi Atoll Council (HA. Atoll Council) Audit Reports - 2013 and 2016

Completed

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