World Bank provides grant aid of USD 10 million to Maldives

President Ibrahim Mohamed Solih has revealed USD 10 million has been provided by World Bank to Maldives as grant aid to overcome the impacts of COVID-19.

Speaking at the press conference held regarding the situation of COVID-19 in Maldives, President Solih said the government has been conducting discussions with several international organisations on ways to overcome the impacts of the COVID-19 pandemic on the Maldivian economy. As such, the president noted World Bank has provided grant aid of USD 10 million to the COVID-19 relief fund in Maldives. He added discussions are also being held with organisations such as the Asian Development Bank (ADB), Islamic Development Bank (IDB), Organisation of Petroleum Exporting Countries (OPEC) and Asian Infrastructure Investment Bank (AIIB) to seek assistance in mitigating the damages on the local economy.

World Bank has provided financial assistance to Maldives on multiple occasions to overcome economic declines. In this regard, the bank provided USD 30 million as grant aid to Maldives last year.

Meanwhile, the government is taking several measures to mitigate the financial and economic damages incurred on Maldives due to COVID-19, including the decision to reduce state expenditure by USD 64.9 million.