The government plans to take out a USD 100 million loan to cover additional costs as oil prices rise due to the war in the Middle East.

Finance Minister Moosa Zameer told a news conference on Thursday (March 12) that the loan will be taken through two international agencies.

"An agreement has been reached with two international multilateral agencies for an additional USD 100 million for the reserves," Zameer said.

However, the government did not disclose the names of the two agencies.

A reliable source told Adhadhu that the World Bank will provide USD 50 million. But details about the remaining USD 50 million are unclear.

On Thursday (March 12), the government said it faces a loss of between USD 80 million and USD 100 million each month if the war continues.

According to estimates shared by the government, there is a decline of 3,000 tourist arrivals each day. This is 33,000 tourists for the first 12 days of the war.