The Maldives government has borrowed US$ 209 million thus far this year, Finance Ministry’s statistics have revealed.
Statistics published by the Finance Ministry shows the government borrowed US$ 209 million as loans from foreign banks and financial institutions.
The state has borrowed from seven institutions this year, with the largest amount borrowed from OPEC Fund for International Development (OFID). US$ 50 million has been borrowed from OFID thus far this year.
Two loans of US$ 25 million have been borrowed the Saudi Fund for Development (SFD). The funds will be utilized for affordable housing and fisheries sector development projects.
The country’s debt has increased to MVR 69 billion by the end of the first quarter; which is 107 percent of the GDP.
The government has been borrowing a large amount of funds to stablize the country’s economy which has been hit hard due to the COVID-19 pandemic. US$ 300 million has been secured as loans and grant assistances, the Finance Ministry previously said.