Maldives expects MVR 176m Indian grant aid in 2024
The proposed budget estimates a total of MVR 223 million in free aid from friendly countries.
Neighbouring India will provide MVR 176 million in grant aid to Maldives next year, according to the budget proposal.
The MVR 49.5 billion budget for next year, which was sent to parliament on Tuesday, estimates a total of MVR 223 million in free aid from friendly countries.
The largest amount of aid is expected from India. The country is estimated to provide MVR 176 million in grant aid.
The other grants are expected to be from:
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Japan: MVR 8.9 million
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Pakistan: MVR 1.7 million
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Saudi Arabia: MVR 2.8 million
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Oman: MVR 26 million
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Italy: MVR 1 million
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Netherlands: MVR 26 million
In addition, it is estimated that MVR 1 billion will be received in grant aid from various organisations.
The budget also estimates MVR 8.3 billion in loans from friendly countries. These include:
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Abu Dhabi Fund: MVR 181 million
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Saudi Arabia: MVR 318 million
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Kuwait: MVR 238 million
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MVR 7.6 million from various countries
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Total budget - MVR 49.5 billion
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Revenue (including grants) - MVR 33.5 billion
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Budget deficit - MVR 13.8 billion
Incoming government has said it has received financing commitments from foreign creditors as concessional loans amount to MVR 6.9 billion to support the 2024 budget, according to the budget proposal.
