Finance Ministry statistics show that the government of Maldives has taken loans worth USD 209 million so far this year as the country’s economy reels from the effects of the on-going COVID-19 pandemic.

The statistics show that this USD 209 million includes loans taken from foreign banks and financial organizations.

The data shows that the government has taken loans from 7 parities with its biggest loan taken from the Opec Fund For International Development (OPID). Maldives has taken a loan of USD 50 million from the fund.

Finance Ministry statistics also shows that the government has taken out two loans worth USD 50 million from the Saudi Fund and with these loans projected to be used for housing development as well as the development of the fisheries industry of the country.

The COVID-19 pandemic has delivered a severe blow to the Maldivian economy and the government is working around the clock to mitigate the damage

s. It is working to find revenues from other sectors of the economy instead of just being dependent on the tourism sector, which had been brought to a standstill when the country closed its borders back in March.