Maldives to receive USD300 million in grants

Minister of Finance Ibrahim Ameer has stated that the Maldives will receive USD300 million in grants this year, which is twice as much as the expected amount. He made the remark while responding to questions at the Parliament of the Maldives.

Speaking at the Parliament, Minister Ameer said the estimated amount in grants for 2023 is USD156 million but expressed confidence that the government will be successful in obtaining USD300 million in grants and concessional loans this year. He also detailed that the government received nearly the estimated amount in grants in 2019 but received less in 2020 and 2021 due to the global economic downturn following the COVID-19 pandemic and the Russia-Ukraine conflict.

Global financial institutions have lauded the government of the Maldives for its success in economically recovering from the COVID-19 pandemic. In addition, the state revenue and official state reserve have increased significantly due to the development of the tourism industry and the diversification of the economy.