Minister of Finance claim USD520mn in aid towards Covid-19 efforts


The collective loan and grant from various international parties to Maldives towards Covid-19 efforts reach USD520 million, claims Minister of Finance Ibrahim Ameer.

Minister Ameer made the revelation during a parliamentary inquiry session on Wednesday, while responding to lawmakers’ queries.

Although he confirms of the concessional loan aid reaching said amount, the Minister refrained from disclosing further details.

Earlier, Maldives saw a massive economic blow in the wake of Covid-19 pandemic reaching its shores.

The government took decisions to place temporary halts on international travel and on-arrival tourist visa issuance as well, resulting in nil tourist activity.

Meanwhile, the country’s central bank reveal its real GDP declining over 51% during the second quarter of 2020.

“I would like to inform we will receive USD520 million in loan and concessional aid,” comments Minister Ameer.

During Wednesday’s parliamentary inquiry the minister also notes significant changes to state budget in light of the pandemic.

Furthermore, the Minister corrected previous projection of grants from MVR30 million to MVR14 billion.

Indian government stepped forward with a massive loan aid, granting a USD250 million bond with a settlement period of 10 years.

On the other hand, European Investment Bank made an aid of USD22.6 million as well.

Others include International Finance Corporation with a USD20 million assistance, and IMF’s USD28.9 million interest free loan.

Japan is also among the top aiders to Maldives with USD47.5 million loan, with 0.01% interest rate.

Meanwhile Maldives government continues its attempts to acquire financial assistance from various international financial institutions.