Thursday 25th Jul 2024
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President Nasheed

USD 100 million loan, a temporary solution to national reserve depletion: President Nasheed

Former president and the Speaker of Parliament, President Mohamed Nasheed stated that the USD 100 million loan issued by the Indian Government was a temporary solution to the problem of the depleting national reserve.
In a tweet, President Nasheed said that budgetary support of USD 100 million was a “huge help”, and it will keep the depleting national reserve afloat, albeit temporarily.
President Nasheed thanked the Government of India for the assistance and expressed his appreciation.
While the government borrowed USD 100 million from India, the Maldives received USD 3 million from the Government of the United States of America as a grant.
Despite expenditure exceeding the annual budget for the year 2022, the government proposed a deficit budget for the year 2023. Experts estimate the Maldives will have to acquire additional debt in the future to settle accounts.