India has formally extended a $250 million loan to Maldives government to deal with the economic impact of COVID-19.
The loan was handed over at a ceremony in Maldivian capital Male in the presence of Maldives Foreign Minister Abdulla Shahid, Finance Minister Ibrahim Ameer, Indian High Commissioner Sunjay Sudhir and CEO of SBI in Male, Bharat Mishra.
The Indian mission in the Maldives in a statement said, “The budgetary support of USD 250 million is extended without conditions.”
“Government of Maldives is at liberty to use the money in repairing the domestic economic situation in line with its own priorities,” it added.
The loan of $250 million has a tenor of 10 years and since the “principal payment is due only at the end of 10 years, it will not put any immediate debt servicing liability other than bi-annual very low-interest payment,” the statement added…
