Finance Minister Ibrahim Ameer says the government of Maldives has successfully secured USD 520 million as COVID-19 financing from different donors amid the economic uncertainty brought on by the global pandemic.
He announced this via tweeter and also touched upon the financing while speaking at the parliament today.
A publication on the Finance Ministry website said that as a result of the COVID-19 pandemic, government revenues have decreased and are expected to be much lower than the approved budget for 2020.
It said that since the budget deficit may be higher than the approved amount, financial requirements are consequently increasing, and to meet these requirements, International Financial Institutions and Bilateral Partners have provided foreign aid.
The Ministry highlighted that 11 donors have provided USD 520 million (around MVR 8 billion) in loans and grants. It showed that the Indian government had provided the biggest loan by offering financial assistance of USD 250 million by investing through the State Bank of India (Male') in the Government Domestic Treasury Bond as budget support.
Other donors include Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), European Investment Bank, International Finance Corporation, the International Fund for Agriculture Development, International Monetary fund, Islamic Development Bank, Japan International Cooperation Agency, OPEC Fund for International Development, and the world bank.
The publication also noted the countries and UN agencies who had offered material support to the Maldives amid the COVID-19 pandemic and this includes Australia, Bangladesh, Canada, China, European Union, India, Japan, South Korea, Malaysia, UAE, UNICEF, and the USA.
