Minister of Finance Ibrahim Ameer has revealed the Maldives has acquired USD 290 million as foreign grants and loans extended to assist the country in overcoming the COVID-19 crisis.
Speaking at a press conference held at National Emergency Operation Centre (NEOC), Finance Minister Ameer noted the government is in discussions with several international financial organisations to seek grants and loans for economic recovery. Noting USD 290 million has so far been approved as grants, concessional loans and non-concessional loans by international bodies, the minister said there are difficulties in acquiring funds due to the worldwide situation of COVID-19. However, he expressed confidence the Maldives can acquire a significant amount of funds through discussions with international organisations.
The projected income of the state in 2020 is now USD 984 million, compared to the USD 1.9 billion projected in the State Budget. As part of the efforts to fill the financial gap caused by the COVID-19 pandemic, the government has been able to acquire grants from several international organisations.
As such, the finance ministry revealed USD 10 million has been made available to the Maldives by the World Bank through the Catastrophe Deferred Drawdown Option (CAT DDO) under an agreement signed in 2019. Furthermore, the ministry noted a grant of USD 18.9 million has been approved by International Monetary Fund (IMF), while a further USD 20 million has been arranged from the OPEC Fund for International Development (OFID).