Indian US$25 million budget support loan delayed after Maldives fails to complete paperwork
27 Nov 2012, 11:22 AM
Neil Merrett
A US$25 million state loan from India required to help balance the Maldives’ budget for the remainder of 2012 has been delayed after the government failed to submit the requested paperwork, a diplomatic source has revealed.
A representative for the Indian High Commission in the Maldives – who asked not to be named – told Minivan News that despite recent diplomatic tensions between the two nations, funding had actually stalled due to the Maldives’ government failing for over a month to submit the papers needed to complete the financing deal.
Although the Finance Ministry has now played down previous budget concerns, the US$25 million in funding agreed by India was last month deemed vital by the Finance Minister to ensure the government’s remaining spending in 2012 was met.
While the loan agreement still stands, the diplomatic source stressed that concerns within the Indian government about perceived anti-India sentiments from senior political figures in the Maldives could yet have a bearing on financial support offered to the country.
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