In a press conference, President Ibrahim Mohamed Solih stated the upcoming six months of 2020 will be highly strenuous for the Maldivian economy.
“The next six months will be very demanding. Not only for the expenditure of the state but also for the expenditure of the public. Huge difficulties will be faced by public businesses as well.” said the President.
The government is currently working to find income for the state budget, said the President who made note that USD 1 Billion was needed to withstand the contemporary situation.
“We can only overcome this with at least USD 900 million or 1 billion being injected to our finances.” said the President.
According to the President, Deferments have been made by China to Maldivian repayments as well as aid worth USD 50 million from Saudi Arabia and UAE to the Maldives today.
As the Maldivian economy depends on the tourism sector which came to a complete standstill due to COVID-19, the Maldives is expected to be one of the severely affected countries economically.