COVID-19 Financial Assistance

As a result of the COVID-19 pandemic, government revenues have decreased and are expected to be much lower than the approved budget for 2020. Since the budget deficit may be higher than the approved amount, financial requirements are consequently increased. To meet these requirements, International Financial Institutions and Bilateral Partners have provided foreign aid. The details are listed below. (Note: This section will be updated on a weekly basis)

Financing Received for COVID-19 from Donors

Table 1: Financial Institutions

Data as at: 12 June 2023

Donor Amount in millions of USD Type Details
Asian Development Bank (ADB) 1.3 Technical assistance and Grant ADB's Asia Pacific Disaster Response Fund provided USD 500,000 with an additional Technical assistance of USD 798,000 for the initial emergency response. This will be utilized for immediate response of the Pandemic.
50.0 50% Grant - 50% Loan ADB's COVID-19 Active Response and Expenditure Support (CARES) programme to support the implementation of the government's COVID-19 health response measures by setting-up and scaling-up testing &treatment facilities and capacity.
1.0 Grant ADB's Asia Pacific Disaster Response Fund provided an addition grant of USD 1,000,000 for the procurement of essential supplies related to COVID-19, provision for overtime salary and transportation for health and frontline workers, recruitment of emergency health workers and laboratory experts, financing of transport and supply-chain logistics, and provision of any additional goods or supplies required for disease preparedness.
Asian Infrastructure Investment Bank 7.3 Loan AIIB has provided USD 7.3 million as part of the co-financing with WB for the COVID-19 Emergency Response and Health Preparedness project.
European Investment Bank 22.6 Loan EIB's EUR 20 million loan received to help sustain SMEs operating in the tourism and industry sectors in Maldives.
23.6 Loan EIB provided EUR 20 million as Phase II of COVID-19 Rapid Response to Maldives: loan received to help sustain SMEs operating in the tourism and industry sectors in Maldives.
21.7 Loan EIB has provided a loan of EUR 18.4 million under EIB's South Asia Public Healthcare COVID-19 Program Loan for the Establishment of National Heath Laboratory (NHL) and COVID-19 Facilities in Maldives
Government of India through State Bank of India (Male' Branch) 250.0 Domestic Treasury Bond The Government of India has provided a financial assistance of USD 250 million by investing through the State Bank of India (Male') in the GOM Domestic Treasury Bond as budget support.
International Finance Corporation 20.0 Loan IFC has provided a loan to Bank of Maldives as support to the Private Sector of the Tourism Industry.
International Fund for Agriculture Development 4.5 27% Grant, 73% Loan IFAD has provided USD 4.5 million under the Maldives Agribusiness Programme to increase income, food security and nutrition status of small farmers.
International Monetary Fund 28.9 Interest Free Loan IMF provided a Rapid Credit Facility to support the country's balance of payment.
Islamic Development Bank 15.1 Grant and Loan ITFC provided USD 15 million as loan and USD 0.05 million as grant to STO for the procurement of medicines, food and medical equipment to combat the Pandemic.
0.6 Loan IsDB has provided emergency financing by diverting funds from the completed Harbor Istisna'a Project towards the provision of ICU equipment and devices for a regional hospital and related costs.
20.0 Loan IsDB has provided financing under its emergency response to COVID-19 pandemic (Phase 2) for the strengthening of critical care services, prevention of infections, protection of frontline health workers, strenghtening MoH diagnostic capacity for outbreaks and enhancing disease surveillance capacity.
Japan International Cooperation Agency 47.5 Loan JICA has provided a loan of 5 billion Japanese Yen for supporting the Government of Maldives in its response to COVID-19 crisis response. The objective of the project is to mitigate the negative social and economic impact of the pandemic through concessional financing to implement the economic policy and expansion of the social welfare for the vulnerable population, thereby contributing to promoting the country's socio-economic stabilization and development efforts. The Project will be in the form of co-financing with the COVID-19 Active Response and Expenditure Support Program by the Asian Development Bank (ADB).
OPEC Fund for International Development 20.0 Loan OFID has provided a budget support loan for the GoM's Public Sector Investment Program.
World Bank 10.0 50% Grant - 50% Loan Catastrophe Deferred Drawdown Option, triggered, and received USD 10 million. This will be utilized for budget support.
12.8 50% Grant - 50% Loan COVID-19 Emergency Income Support Project has been signed. Objectives include the provision of temporary assistance to workers affected by the Pandemic, and strengthening social protection delivery systems and institutions.
7.3 50% Grant - 50% Loan COVID-19 Emergency Response and Health Systems Preparedness Project signed and effective. Disbursements are ongoing, and this will be utilized for the immediate response of the Pandemic.
1.0 Grant WB's Pandemic Financing Facility (PEF) received to acquire diagnostic tests, medical and laboratory supplies and equipment.
Total 565.2 million
Note: The loans denominated in currencies other than USD presented in this document have been converted using the exchange rates specified by the International Monetary Fund (IMF) on the date of signing.
1. As at September 16th 2021, EUR 1.18 = USD 1
2. As at September 16th 2020, 1 USD = 105.26 JPY

Table 2: Bilateral Partners and UN Agencies

Data as at: 30 September 2020
Donor Amount (in USD unless stated otherwise)/Type Details
Australia In Kind PPEs
Bangladesh In Kind Medical Team
PPE, Medicines and Commodities
Food Aid
Canada Project Support CAD 100,000 (approx. MVR 1 million) Provide immediate basic needs and build capacity to support those impacted by the pandemic
China In Kind PPE, Diagnostic equipment, care beds and ventilators
China - Wellwishers In Kind PPE, Diagnostic equipment, care beds and ventilators
European Union Grant: 3 million Assistance to Health and Tourism sector
India In Kind Evacuation of students in Wuhan, China (with help of Indian Government)
Medical Team
PPE and Medicines
Food Aid
Japan In Kind PPE and Medicines
Grant: Emergency Grant through UNICEF and Red Crescent for the procurement of medical equipment/consumables, technical assistance and education sector
UNICEF: 356,400
Red Crescent: 185,000
UNDP: 1.4 million UNDP Grant to support SME's affected by COVID-19
USD 5.6 million Grant to promote economic and social development of the country
Japan - Wellwishers In Kind PPE
Korea In Kind PPE
Malaysia - Wellwishers, CP Stationery In Kind PPE
Maldives - Wellwihsers, Owners of Velaa Private Island In Kind Diagnostic Equipment
Singapore - Wellwishers, Owner of Pontiac Land Group In Kind PPE
Singapore - Wellwishers, Former High Commissioner of Singapore to Maldives, H.E. Chua Thian Poh In Kind PPE
Singapore - Wellwishers, Owners of Hiap Huat Paints Co. In Kind PPE
Singapore - Wellwishers, Owners of Hotel Properties Limited Singapore In Kind PPE and Ventilators
Singapore - Wellwishers, Minor Group In Kind Diagnostic Equipment
Singapore - Wellwishers, Temasek Foundation In Kind PPE and Diagnostic Equipment
Thailand - Wellwishers, Director of Crown Company In Kind PPE
Thailand - Wellwishers, Thai Travel Agent, Consulting Manager of Maldives Travel Expert Co. Ltd In Kind PPE
UNICEF In Kind E-learning support for AV classrooms
Technical Support Technical Assistance in preparing SOPs for emergency response for Education sector
United Arab Emirates In Kind PPE, Diagnostic equipment
UAE - Wellwishers, UAE Royal Family In Kind PPE, Diagnostic Equipment, Ventilator
USA In Kind PPE and Medicines
Grant Economic Recovery Support
In Kind Diagnostic Equipment
Grant: 750,000 Assistance for schools and community spaces to reopen safely
Note: In Kind refers to non-cash assistance.