By Ibrahim H. Shihab/Maldives Republic
Male, October 31: India is expected to provide MVR 1.6 billion (US$ 104.2 million) worth grant aid to the Maldives, likely to be utilised for the National Budget 2025.
The Maldivian Minister of Finance Moosa Zameer presented in Parliament on Thursday a national budget for 2025 that came in at MVR 56.6 million.
India, as previously agreed, is also expected to provide US$ 105 million towards the completion of the Thilamalé Bridge.
In the proposed budget, the administration estimated a total of MVR 2.25 billion (US$ 146.5 million) as international grant aid, of which India is expected to provide MVR 1.6 billion (US$ 104.2 million); 72 percent of all expected funding to be acquired through grant aid.
In contrast, China is expected to provide MVR 502 million (US$ 32 million); or 22 percent of total grant aid.
Other nations expected to provide grants to the Maldives include Japan, Pakistan, Saudi Arabia, the Netherlands, Italy, and the UAE.
International organisations are also expected to provide approximately MVR 336 million (US$ 21.8 million) in grants.
India has already provided substantial financial assistance to the Maldives this year. A US$50 million sum owed for September 2024 has been rolled over until 2025, while a currency swap has also been agreed.
National Budget 2025: India to Provide Bulk of Grant Aid to Maldives
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