The Mohamed Muizzu administration’s Economic Council (EC) has decided to cancel seven agreements, signed to provide financing for domestic airport development in different parts of the country on a cross-subsidy basis, Principal Secretary to the President on Public Policy, Abdulla Nazim Ibrahim confirmed at a press conference on Monday.
The Economic Council decided to cancel the agreements in the face of unpaid dues, rather than opting to extend the payment period, Ibrahim said.
According to the Public Policy Secretary, these were instances where finance agreements were signed but the parties had not paid the requisite fees to the state by the deadline. The deadline for payment had previously been extended but there was no realistic expectation that the money will be received even after further deadline extensions, he said.
While Ibrahim did not identify which specific agreements had been cancelled, the previous administration had announced the development of domestic airports at several islands on a cross-subsidy basis.
This site uses Akismet to reduce spam. Learn how your comment data is processed.