India has given the Maldivian Government 50 million dollars as free aid on the 11th January 2019.
The money was set to be given since December 2018 when President Solih made an official trip to India. This money will be used for budget support services, Minister of Finance Honorable Ibrahim Ameer explained.
Indian Government promised a total of 1.4 billion dollar loan to Maldives on December 2018. From the 1.4 billion dollars, 200 million dollars will be used for budget support services. The aforementioned 50 million dollars worth free aid is part of this 200 million dollars. 150 million dollars, which was loaned by the State Bank of India shall be used for investing in the treasury bond with an interest rate of 1.5% for 2 years.
- Advertisement -
