Finance Minister Ibrahim Ameer has stated that so far USD 290 million have been secured as a mean of recovery from the losses caused by the COVID-19 pandemic.

Speaking during a press conference held on Saturday, Minister Ameer revealed that USD 290 million have been secured so far as grants and loans for various sectors. He stressed that works are still ongoing to secure more.

The Minister noted that they are working on reducing current expenses and increasing financing during the current situation.

He also added that while aid have been received from IMG, World Bank and OFID further works are still being carried out with them to see what can be done additionally. Discussions are also ongoing with IDB and European Investment Bank among several others.

Minister Ameer revealed that in an attempt to reduce expenditure from the budget, they are working to secure a credit facility from ITFC for STO, who is the biggest buyer of items from the budget as of now.

Minister Ameer said that even though these grants and loans have been secured, works to minimize the gap of MVR 12 billion will be ongoing continuously.