Finance Ministry announces seeking MVR 8.5 Billion loan

Finance Ministry has announced that it is seeking parties who can lend USD 550 million (MVR 8.5 billion) to alleviate the state budget deficit.

In an announcement, the ministry said that the amount is required in the form of loans or treasury securities.

The government aims to raise a total of MVR 14 billion to address the budget deficit for the year. Of this amount, MVR 3.9 billion will be raised domestically through financial institutions, bonds, and T-bills, while the remaining MVR 12.3 billion will be sought from abroad through budgetary support loans, green/blue bonds, and project loans.

The government has already announced 60 percent of the funds required to meet the deficit.

The finance ministry stated that it will utilize the funds for special projects to be implemented by the government, which includes the healthcare industry, public sector infrastructure, urban development, fisheries, tourism, and agriculture.

The ministry has asked interested parties to submit a Request for Proposal (RFP). Interested parties will have to submit their company profile, financial statements for the last five years and the terms and conditions for disbursing the amount, the finance ministry said.