thenews.com.pk 20 Sep, 2020 16:30 am

India announces $250m loan to virus-hit Maldives

India announces $250m loan to virus-hit Maldives
The Maldives is at liberty to use the money in repairing the domestic economic situation in line with its own priorities, says India

World Sun, Sep 20, 2020 Indian Prime Minister Narendra Modi, right, welcomes Maldives President Ibrahim Mohamed Solih in New Delhi.The assistance follows a $500 million pledge by New Delhi in August to help build bridges and causeways in the nation of 1,192 islands located on major East-West shipping lanes.The bond takes New Delhi's total pledged financial assistance to the Maldives to over $2 billion since Solih came to power, according to India's foreign ministry.India's High Commission in the Maldives said the loan was being provided after a request by Maldives President Ibrahim Mohamed Solih for "financial assistance to overcome the difficult economic situation.

" "The Maldives is at liberty to use the money in repairing the domestic economic situation in line with its own priorities," it said in a statement.The Asian Development Bank forecasts the Maldives' economy to contract by 20.

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