178 Milion dollars received: MMA

The funds from IMF and currency swap have been received according to Maldives Monetary authority.

As the current situation has put the country into big financial and economic crisis as government income sources drys up. The money received from both is US$ 178 Million (MVR 2.7 Billion). According to MMA under the agreement with the Reserve Bank of India US$ 150 Million ( MVR 2.3 Billion) has been received.

The agreement between Maldives and India for currency swap has been signed last year. Currency swap is part of 1.4 billion package agreed during Ibrahim Mohamed Solih visit to India in 2018.

MMA believes with the money received from all foreign organizations would help the government to get the necessary goods such as food, medial and other necessities items from aboard.

Until now March 2020 the government Reserve US$ 741.4 Million. The government has said with this newly received funds it will increase the reserves to US$ 882.6 Million

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