MVR 1.9 billion received as grant aid

President Ibrahim Mohamed Solih has stated that MVR 1.9 billion has been received as grant aid since the new government took over administration in November.

The President revealed the statistic at a function held at the President's Office to announce the pledges fulfilled by the government during first 100 days of administration.

At the ceremony, the President said the country generated a revenue of MVR five billion since he took Office in November. This figure attests to the flourishing economy of the country, said the president.

The president also noted that the amount of grant aid received by Maldives has increased significantly, and is expected to increase further in the upcoming days.

While MVR 3.9 billion has been spent as expense thus far, several new projects are lined up with preparations underway to implement the projects.

President Solih further noted that the state reserve has observed a positive change, where the state reserve increased to USD 757 million by the end of 2018 in comparison to the reserve of USD 592 million at the end of October 2018. The reserve has seen a further increase up to USD 805 billion by 20th March, revealed the president.

While the usable reserve was at USD 171 million by the end of October 2018, the current usable reserve is at USD 242 million, announced the president.