Maldives obtains US$20m from Saudi Arabia to manage cash flow
12 May 2015, 7:37 PM
The Maldives has obtained a US$20 million grant from Saudi Arabia for budget support, despite official figures indicating record levels of income and the economic ministry saying it has authorised US$600 million worth of foreign investment this year.
Finance minister Abdulla Jihad told Minivan News today that the Saudi funds will be used to “manage cash flow” as revenue was lower than expected.
A large portion of forecast revenue is expected later in the year, he said, adding that shortfalls are currently plugged through sale of treasury bills.
The forecast for government income in this year’s record MVR24.3 billion (US$1.5 billion) budget is MVR21.5 billion (US$1.3 billion).
Become a member
Get full access to our archive and personalise your experience.
Already a member?
Discussion
No comments yet. Be the first to share your thoughts!
No comments yet. Be the first to join the conversation!
Join the Conversation
Sign in to share your thoughts under an alias and take part in the discussion. Independent journalism thrives on open, respectful debate — your voice matters.
