President Says He Inherited a Country on Verge of Bankruptcy

President Mohamed Nasheed told delegates of the World Bank he inherited a nation “on the verge of bankruptcy” at a management retreat this morning, Minivan News reported. Speaking at the World Bank Maldives Country Management Retreat, the president said the previous government hiked up wages for civil servants as a means of patronage and commercial loans were taken for infrastructure projects with the intention of winning votes. “The fiscal irresponsibility of our predecessors has left a big black hole in our treasury,” he said. The president appealed to the delegation to contribute to the government’s economic programme as the country’s need was “critical”. Read more.