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MVR 300 million expected as foreign aid: Minister Ameer

Mariyam Malsa
26 November 2018, MVT 15:02
Minister of Finance Ibrahim Ameer. PHOTO: NISHAN ALI / MIHAARU
Mariyam Malsa
26 November 2018, MVT 15:02

Minister of Finance and Treasury Ibrahim Ameer, on Sunday, stated that Maldives would attain MVR 300 million more in revenue and foreign aid in 2019 than was previously estimated.

Following research conducted by the parliamentary budget review committee, the total amount of expected revenue and foreign aid is MVR 1.3 billion (USD 87.7 million) compared to a previous figure of MVR 1 billion.

Minster Ameer stated that they are very hopeful in securing MVR 300 million as foreign aid. However, he added that they are not targeting their approach to any particular region.

“We will co-operate with all nations to attain the funds”, stated Ameer

The 2019 State Budget approved by the committee on Saturday includes projects which are to be funded from this increased foreign aid.

There has been a sustained increase in levels foreign aid over the past three years.

While Maldives gained MVR 188.4 million worth of foreign aid in 2016, this figure shot up to MVR 343 million in 2017.

The amount of foreign aid in 2018 was 734 million, more than double that of the previous year.

The like of China and the Kingdom of Saudi Arabia provided the bulk of foreign aid during the regime of former president Abdulla Yameen Abdul Gayoom.

The parliament will make a final decision regarding the MVR 30.2 billion budget approved by the committee on December 6.

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