Maldives resort lease extension, a stimulus package to industry: Sawad

Friday, 19 December 2008 22:17

Miadhu

The government proposal to extend the lease of tourist resorts to maximum 50 years period is a stimulus package provided to the tourism industry in the wake of the present global economic crisis, said Tourism and Culture minister Dr. Ahmed Ali Sawad.

Sawad was speaking to the People’s Majilis at its meeting held on Thursday, when the new bill proposed by the government to extend the lease period of tourist resorts was opened for debate.

The minister, said tourism industry which accounted to a major share of the governments foreign exchange earning and economy, needs more support and incentives due to the worsening economic situation, and more favorable investment opportunities has to be lured to encourage and boost the tourism sector .

The minister said the law will enable the government to make regulations which will govern the conditions and criteria on which lease of resorts can be extended up to 50 years.

He also said the proposal will help the government raise the much needed finance to bridge the budget deficit. The bill is expected to generate Rf 1.2 billion for the 13 billion budget proposed for 2009.

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