As of now, the government has taken USD 200 million (MVR 3 billion) in loans this year.
As of now, the government has taken USD 200 million (MVR 3 billion) in loans this year.
Statistics released by the Ministry of Finance indicate the loans taken.
The government has taken USD 150 million in loans from the Saudi Fund for Development for expediting the Velana International Airport project.
There are then two loans taken from the Islamic Development Bank to get finances for the SME Impact Fund. These are a USD 10.25 million loan and a USD 30 million loan.
Additionally, there is a USD 10 million loan taken from Kuwait Fund for the development of hospitals in islands.
So far this year, the government has provided guarantees for two loans. This is for two loans of USD 15 million (MVR 230 million) issued by the Bank of Ceylon to Maldives Fund Management Corporation (MFMC). These two loans were taken for the submarine cable project.
All the loans taken by the government this year are for development projects, due to which the loans are issued in parts depending on the progress of the relevant projects. Hence, the amounts will be added to debt once the funds are used for the projects.
USD 3.5 billion (MVR 54 billion) had been taken as loans and guarantees by the previous government, as per the Finance Ministry's statistics. Out of this, USD 1.4 billion (MVR 22 billion) was taken from India' EXIM Bank.
The State Budget forecasts this year's debt to reach MVR 129 billion.
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