The government has taken out a loan of €50 million, equivalent to approximately MVR 842.8 million, from a private source for budget support to finance the state budget.
This information is revealed in the latest updated external debt statistics by the Finance Ministry.
The identity of the lender remains undisclosed in the released information. Crucial details such as the duration of the loan repayment period and the interest rate have not been made public. Despite multiple attempts to seek clarification, several high-ranking officials from the Finance Ministry have remained unresponsive to inquiries regarding the loan secured on July 18.
The total budget for this year is MVR 42.8 billion. Of the anticipated MVR 32.1 billion revenue for this year, 73 percent is expected to come from taxes, and 7.7 percent as grants. Therefore, excluding grants, the projected total revenue is estimated to reach around MVR 29.9 billion, making his year's budget a deficit budget of MVR 8 billion.
