USD800 million of India's financial assistance for govt projects: minister

Minister of Finance Ibrahim Ameer on Monday disclosed that India's financial assistance of USD 1.4 billion for the Maldives allocates USD 200 million as budget support, USD 800 million for government-initiated projects, and USD 400 million as currency swap.

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Indian Prime Minister Narendra Modi (R) shakes hands with Maldives President Ibrahim Mohamed Solihas prior to a meeting in New Delhi on December 17, 2018. - Maldivian President is on three-day of state visit to India till December 18. (Photo by Prakash SINGH / AFP)

Fathmath Shaahunaz

2018-12-17 17:02:46

Minister of Finance Ibrahim Ameer on Monday disclosed that India's financial assistance of USD 1.4 billion for the Maldives allocates USD 200 million as budget support, USD 800 million for government-initiated projects, and USD 400 million as currency swap.

Local media Mihaaru cited the finance minister that the USD 200 million allocated as budget support comprises USD 50 million as free aid and USD 150 million as treasury bonds. According to Minister Ameer, the Maldivian government will receive the free aid next month, while the funds to be earned via T-bill sales in 2019 will be acquired in three parts.

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