Minister of Trade and Economic Development Mohamed Jaleel has said that mega projects designed to generate additional funds to the state budget failed due to lack of support from some members of the cabinet.
Minister Jaleel made the statement speaking at the Majlis sitting held yesterday. When members repeatedly asked for the names of those ministers Minister Jaleel declined.
Minister Jaleel noted that those projects designed to generate funds for the budget can only be commenced once the Majlis endorses the Bill on Special Economic Zone. He said the earliest the projects can be tendered is some time in November this year, following the endorsement of the Bill on Special Economic Zone. He estimated that even if work goes at that fast pace, earliest the government will be able to any funds will be early next year as tender evaluations, notifications of awards and many other arrangements have to dealt with.
Jaleel said the delay in finalizing the projects are for varied reasons but mainly due to in ability to reach decisions following discussion stage.
Speaking at the Majlis on the current economic crisis facing the country Jaleel expressed that it was important, as in other parts of the world to allocate special economic zones, to provide the opportunity to investors to invest in activities approved by the Majlis and to make available such zones for period exceeding 50 years, so that investors may invest with confidence. He further said government has assigned trade ministry to coordinate all aspects of 3 such projects, Hulhumale’ Phase 2, Gulhifalhu Project and Ihavandhihpolhu Integrated project.
“These are policies which are introduced for the very first time and as such practical implementation of such policies require an administrative system and legal framework, we have already finalized an implementation policy and a legal framework has been drafted and submitted to the Majlis for your attention, the draft also include the administrative procedure necessary for the implementation of these kinds of activities” Minister Jaleel said.
Comments