Wednesday
24th Apr 2024
Dhivehi Edition
Finance Minister Ibrahim Ameer. Photo: Majilis
The state has received MVR 351.9 million in foreign aid by August 5.
The government forecasted a total of MVR 2.2 billion in aid within the year. The amount received so far is only 15 percent of the total projection.
Predictions for aid in the state budget
- Financial aid bilateral: MVR 1.5 billion
- Financial aid multilateral: MVR 5.7 billion
- Development assistance: MVR 637 million
The state has received a significantly low percentage of the expected MVR 637 million for development projects alone, so the projects that relied on assistance cannot be executed.
Last year, MVR 475.7 million was received in aid by August 5. However, this was less than the state’s prediction.
Although there has been a dramatic decline in foreign aid, the government claims to be receiving large amounts. Recently, President Ibrahim Mohamed Solih claimed he acquired USD 772 million in aid the previous year. However, the total amount of foreign aid received last year was USD 55 million.
The state claims that the purpose of numerous visits to foreign countries by government officials is to obtain foreign aid. However, expenditure for official trips exceeds the amount of aid.