Maldives governor urges government frugality

The Maldive Islands

The governor of the Maldives Monetary Authority, Fazeel Najeeb, today urged a decrease in government spending as he believes it is hampering the central bank's ability to conduct effective monetary policy.

Najeeb, who spoke to, says the Maldives' government has created a large public deficit by spending beyond its means, which it must finance by issuing treasury bills and bonds. In 2009 the deficit was nearly 25% of GDP, and although it fell to 13% last year, there is still a

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