World Bank to provide US$ 30 mill. to Maldives

An agreement has been signed between World Bank and the Maldivian government under which the bank will provide a financial assistance of US$ 30 million to support the government's efforts to enhance budget monitoring.

The agreement was signed by World Bank's Director to Maldives, Nepal and Sri Lanka Dr. Idah Z. Pswarayi-Riddihough and Finance Minister Ibrahim Ameer.

Part of the assistance is a grant while the remainder is a loan. Under the agreement, US$ 20 million will be utilized to strengthen the government's budget policy framework, and the remaining US$ 10 million will e used for enhancing financial capacity to effectively manage the human, physical and fiscal impact on climate change and disasters.

Last July, the World Bank provided an assistance of US$ 12 million for Public Finance Management.