Saudi Arabia has provided a USD 50 million loan to the Maldives.

Speaking during a press conference today, President Solih noted that the government expenditure has been reduced quite a bite and that the expected MVR 29 billion in state revenue is now projected to be MVR 15 billion. He added that about USD 1 billion is required for the state to recover the losses caused by COVID-19 pandemic.

He assured that arrangements will be made to ensure that all state employees are paid on time.

President Solih further noted that the work to secure finances is ongoing and that so far the country has been able to secure USD 120 million in loans. He then revealed that USD 50 million has been given by Saudi Arabia as a loan today, focused on housing and fisheries.

He further revealed that USD 50 billion as budget support is to be provided by Abu Dhabi and that finalization works on that is ongoing as of now.

The President also highlighted that the meeting held with World Bank yesterday is expected to yield good results.