The Maldivian government is seeking over USD 200 million in foreign aid, in managing the country's finances amid the Covid-19 pandemic.
In a letter seeking the approval of the People’s Majlis, which was read at Wednesday’s virtual sitting, Finance Minister Ibrahim Ameer said that USD 215.37 million is required to manage the country’s cash flow amid the ongoing pandemic.
The letter noted 11 parties in which the government is seeking aid from. They are;
- World Bank – USD 30.10 million (USD 10 million already approved, and work ongoing to re-allocate additional aid provided by the bank to Covid-19 efforts)
- Asian Development Fund – USD 27.60 million (in discussions)
- Asian Infrastructure Investment Bank – USD five million (in discussions)
- International Monetary Fund – USD 30 million (discussions completed, awaiting approval from board)
- Islamic Development Fund – USD 25.59 million (in discussions)
- OPEC Fund for International Development – USD 20 million (approved)
- International Finance Corporation – USD 50 million (in discussions)
- SAARC Development Fund – USD 1.50 million (in discussions)
- World Health Organization – USD 0.40 million
- UNICEF – USD 0.18 million
- HSBC STO trade finance facility – USD 25 million
While the World Bank has offered a contingency financing of USD 10 million, the finance minister noted that the country will receive USD 30 million from the International Monetary Fund “soon”.
Ameer added that the government is also seeking help from friendly nations.
Further, while the government has decided to decrease state expenditure by MVR one billion, the minister stressed that they are working to reduce this further.
