The Asian Development Bank (ADB) has granted USD 18.7 million, equivalent to MVR 288 million, in financial assistance to the Maldives.
This financial support from ADB is part of the institution’s broader initiative, the Strengthening Physical Management and Sustainability Programme, which is slated to run until 2025 in the Maldives.
Chandan Sapkota, a public management economist at ADB, stated that this grant is aimed at bolstering the Maldivian government’s initiatives to enhance debt management and governance.
Additionally, the ‘Technical Assistance Special Fund Debt Management program under ADB will contribute an additional USD 1 million, equivalent to MVR 15.4 million, to the Maldives.
The assistance package includes modifications to tax legislation, the development and implementation of a medium-range income plan, and the establishment of risk management and sustainable financing frameworks.
Furthermore, ADB’s support includes efforts to streamline the disbursement of funds to those in need by formulating subsidy guidelines and renewable energy-related policies.
ADB has a long-standing history of contributing to the economic growth and governance of the Maldives since its opening in 1966.