Minister of Finance Ibrahim Ameer has stated Maldives received USD 207 million in foreign grants since President Ibrahim Mohamed Solih assumed office last November.
Answering questions after been summoned to the parliament, Finance Minister Ameer said the administration is not only trying to develop diplomatic relations in the region, but also with countries in Middle East and Europe. Ameer said these countries have granted Maldives USD 207 million.
The minister also responded to questions by members on financial support to Maldives from India. He explained the USD 800 million credit facility permitted by India will be used to develop major infrastructure development in Maldives as part of the Public Sector Investment Program (PSIP). He further explained the credit line has not been used thus far.
Speaking at the Parliament, Minister Ameer also noted the increase in sovereign fund of Maldives. He remarked the sovereign fund was at USD 96.3 million when the administration assumed office. The amount has increased to USD 181 million, according to the minister. He said all projects initiated by the administration are progressing as scheduled, detailing 46 projects have completed and 136 projects have been tendered so far. He said projects are valued at USD 246 million.