Minister of Finance Ibrahim Ameer has confirmed the government of Maldives have secured USD290 million in grants and loans from foreign financial institutes.

During the press conference on Saturday afternoon, Minister Ameer attested on state's initiative in acquiring foreign aid and loan to offset damages to the country in light of the Covid-19 pandemic.

Minister revealed collaborative work with AIBA over income support projects from World Bank and further talks with European Investment Bank.

Maldives have been facilitated with a loan facility of USD20 million from OFID, as per Minister Ameer. He further commented the USD290 million in concessional and non-concessional loans have been almost arranged.

The country's budget deficit gap has been widening as revenues remain significantly lower than state incurred expenditure.

Minister Ameer claimed an approximation of MVR13 billion in required to balance the damage, and recovery from the economic regress.