Gov't to secure MVR 6.6bln from foreign banks for budget support

The government has planned to obtain MVR 6.6 billion for next year's national budget from foreign commercial banks.

The government seeks to raise MVR 6.6 billion from foreign sources for budget support, and obtain an additional MVR 5.1 billion as loans.

According to the budget details, MVR 2.6 billion will be spent next year to repay foreign loans.

The budget also seeks to raise MVR 5 billion in domestic securities and loans for budget finance. In addition, MVR 2 billion has been allocated for fund transfers from the Sovereign Development Fund, and MVR 135 million is expected to be received from loans issued.

The Finance Ministry estimates that domestic debt repayment will cost MVR 1.1 billion next year.