Budget 2025: government projects MVR 1.6 billion in free aid from India

Oct 31, 2024, 11:34 AM

President Muizzu and Prime Minister Modi. -- Photo: President's Office

The government has projected MVR 1.6 billion in free aid from India in the proposed State Budget 2025 submitted to the Parliament today.

It is believed that India is giving USD 105 million to build the Thilamale' Bridge. The amount was previously pledged by the Indian government.

The government estimates that MVR 2.25 billion will be secured in free aid from friendly countries in 2025. Seventy-two percent of this aid or MVR 1.6 billion is expected to come from India.

The proposed budget also mentions MVR 502 million in free aid from China. That is 22 percent of projected free aid.

The government expects to receive free aid from Japan, Pakistan, Saudi Arabia, the Netherlands, Italy and the UAE. Around MVR 336 million is projected to be received as free aid from international organizations.

India has provided substantial financial assistance to the Maldives this year as well. The Indian government agreed to rollover USD 50 million due in September and a currency swap agreement was arranged for USD 400 million and INR 30 billion.

Maldives-India relations India Finance Ministry Budget 2025

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