Minister of Finance Ibrahim Ameer has stated Maldives has received over USD 195 million in foreign grants so far in 2019.
Speaking to PSM News, Minister Ameer said Maldives has received grants from various countries since President Ibrahim Mohamed Solih assumed office in November 2018. The minister said Maldives has received USD 200 million from India in grants while another USD 800 million has been extended as a credit facility. India has also signed a USD 400 million currency swap deal with Maldives. He said various development projects have been launched with the USD 200 million grant.
The finance minister said Maldives has received project grants in addition to cash grants contributions, adding the telly of foreign aids to more than USD 195 million. Although the State Budget 2019 had an estimated total of USD 1.52 billion in foreign aids, with an additional USD 46 million to be received in grants as stated in the approved Supplementary Budget 2019, the grants are expected to total to USD 1.56 billion.
The State Budget 2020 expects to receive USD 339 million in foreign grants of which over USD 311 million is expected to be cash grant. These grants include USD 150 million to be sought in foreign aids and an additional USD 150 million invested in government securities by the Government of India which India has agreed to change to aid.