The Saudi Government has pledged to provide US$150 million in grant aid to the Maldives.
The pledge was made by the Saudi Government during President Abdulla Yameen Abdul Gayoom’s recent visit to Saudi Arabia.
Speaking to the media, Fisheries Minister Dr Mohamed Shainee, who was a member of the delegation that accompanied the president on the visit, said that the grant aid would be utilised to adjust the country’s balance of payments.“The grant will help service loans obtained from international banks for major infrastructure development projects, and calm international concerns,” he said. The minister, however, reiterated “the government always has solid plans to pay back its debts,” adding that the Saudi grant “will further alleviate strains on the country’s fiscal deficit.”
The Saudi government has yet to finalise how the US$150 million grant aid will be provided to Maldives, he said, and it will be decided after discussions between relevant authorities from both countries over the next few weeks.