core sector communique

Extension of Budgetary Support to the Government of Maldives

The Union Cabinet today approved the amendments in the terms of the Standby Credit Facility extended to Maldives in 2011 to extend budgetary support of US$ 25 million to the Government of Maldives. The Government of India had signed an agreement with the Government of Maldives in November 2011 to extend a Standby Credit Facility of US$ 100 million to Maldives. As per the terms of the agreement, US$ 50 million was earmarked for imports from India and the other US$ 50 million was to be utilized for budgetary support by the Government of Maldives. The Cabinet also approved the amendment to increase the amount of budgetary support to Maldives to US$ 75 million. The amount earmarked for imports from India stands revised to US $ 25 million.