World Bank approves USD 30M towards strengthening public finances

Ministry of Finance. (File Photo/Sun)

The World Bank has approved finance to the Maldivian government for two operations totaling USD 30 million.

The World Bank informed Maldivian Finance Minister Ibrahim Ameer of the decision of the Board of Directors of the organization this Wednesday.

The USD 30 million has been approved to support the Maldivian government’s efforts towards:

  • Strengthening policy framework
  • Enhancing the sustainability of public finances
  • Increasing budget credibility
  • Enhancing financial capacity to effectively manage the human, physical and fiscal impact on climate change and disasters

The latest fund approval comes after the organization approved a USD 10 million loan and USD 10 million grant towards human resource development, improve employment among the youth, and establish economic and social equality in June.