President seeking US$300 million credit facility from Saudi Arabia for “budget support”
18 Jul 2013, 3:08 PM
Neil Merrett
The government has confirmed it is in discussion with Saudi Arabia, seeking a long-term, low interest credit facility of US$300 million to help overcome “fiscal problems”.
President’s Office Spokesperson Masood Imad confirmed President Waheed had held discussions with senior Saudi Arabian dignitaries including Crown Prince Salman bin Abdulaziz Al Saud over the proposed credit facility, during his recent visit to the country.
“The president has initiated the talks so it is just a matter of working out the details now,” Masood said, explaining that the funds would be used for “budget support” and development projects.
The opposition Maldivian Democratic Party (MDP) has meanwhile said the government would still be required to secure parliamentary approval for the funding.
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