Over MVR 3 bln received as grant assistance

Finance Minister Ibrahim Ameer has stated that the state has received over MVR 3 billion as grant assistance since the government of President Ibrahim Mohamed Solih began administration.

Speaking at the Parliament on Tuesday, Minister Ameer answered an inquiry by Naifaru MP Ahmed Shiyam, and revealed that MVR 3.2 billion has been received in grant aid since November last year.

"We are strengthening relations not only with India but countries all over the globe. We continue to receive grant aids from middle-eastern counties, Europe and America. The amount received exceeds MVR 3.2 billion", said Ameer.

Minister Ameer said the US$ 800 million credit facility extended by India will be utilized for large scale Public Sector Investment Projects (PSIP) after submitting proposals. While the credit line still remains untouched, the interest rate on the loan is 1.5%

Increase in sovereign funds

Maavashu MP Mohamed Saeed inquired from the minister regarding the Sovereign Development Fund.

Answering his questions, Minister Ameer said when he took office in 2017, the fund had a balance of approximately US$ 96.3 million. The balance has increased to US$ 181 million by October 3, said the Minister.

Noting that the Finance Minister is working with central bank Maldives Monetary Authority (MMA) to draft a bill on the Sovereign Development Fund, Minister Ameer said the work will be concluded soon and sent to the parliament for approval. The bill was initiated by the administration of former President Abdulla Yameen Abdul Gayyoom.

The Sovereign Development Fund was established during President Yameen's tenure in 2017 as a back-up fund for economical contingencies the country may face, and other emergency situations.

Minister Ameer said the government has concluded 42 projects over MVR 1 billion thus far this year, and said the state has paid over MVR 759 million to different companies for the projects.