Adhadhu has learnt that the government is trying to borrow around MVR 7 billion from India for major projects ahead of next year's local council elections.
Credible sources confirmed that the government is currently in talks to seek financial assistance from the Indian government.
“We are talking about multi-billion Rufiyaa projects,” one source said.
Another source said the government is in talks with India to get assistance for projects related to housing, other infrastructure projects and vehicle procurement.
“I estimate the value of the projects to be more than MVR 6 billion,” the source said.
The government was forced to seek Indian assistance because of its shaky foreign policy that has failed to get assistance from other countries, including China.
As a result, major development projects have been stalled or suspended while new projects have not been initiated.
Adhadhu understands that Indian Prime Minister Narendra Modi will visit the Maldives for the 60th anniversary of the country's independence.
However, neither country has officially announced the visit. Sources said some assistance from India is likely to be announced during the trip.
President Dr. Mohamed Muizzu won the 2023 presidential elections through the "India Out" campaign.
After coming to power, Muizzu initially tried to push India away and forge ties with China and other countries like Turkey and the UAE.
