Monday 24 September 2012

Extension of Budgetary Support to the Government of Maldives

New Delhi:(Page3 News Network)-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.

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