India is expected to provide MVR 1.6 billion worth grant aid to the Maldives, likely to be utilised for the National Budget 2025 which Minister of Finance Moosa Zameer presented in Parliament on Thursday. The Mohamed Muizzu administration’s proposed National Budget 2025 came in at MVR 56.6 million.
India, as previously agreed, is also expected to provide US$105 million towards the completion of the Thilamalé Bridge.
In the proposed budget, the administration estimated a total of MVR 2.25 billion as international grant aid, of which India is expected to provide MVR 1.6 billion; 72 percent of all expected funding to be acquired through grant aid.
In contrast, China is expected to provide MVR 502 million; or 22 percent of total grant aid.
Other nations expected to provide grants to the Maldives include Japan, Pakistan, Saudi Arabia, the Netherlands, Italy, and the UAE.
International organisation are also expected to provide approximately MVR 336 million in grants.
India has already provided substantial financial assistance to the Maldives this year. A US$50 million sum owed for September 2024 has been rolled over until 2025, while a currency swap has also been agreed.
