Cabinet extends budgetary support to Maldives

New Delhi, Sep 24: The union cabinet Monday approved amendments in the terms of credit facility extended to the Maldives in 2011 in order to extend budgetary support by $25 million to the archipelago nation.

India signed an agreement with the Maldives in November 2011 to extend a Standby Credit Facility of $100 million. As per terms of the agreement, $50 million was earmarked for imports from India and the rest was to be utilized for budgetary support by the Maldives government, a statement said.

The cabinet also approved the amendment to increase the amount of budgetary support to the Maldives to $75 million. The amount earmarked for imports from India stands revised to $25 million.