Foreign loans taken between 2012 & 2023 from Indian EXIM Bank will exceed Chinese EXIM Bank loans

India's Prime Minister Narendra Modi, right, shares a moment with Maldives former President Mohamed Nasheed during the swearing-in ceremony of President-elect Ibrahim Mohamed Solih in Male, Maldives on Nov. 17 | Photo: Reuters

Malé, Maldives – Government Finance Statistics (GFS) released by Ministry of Finance has revealed that the amount of loans taken between 2012 and 2023 from EXIM Bank of India will surpass the amount of loans taken from EXIM Bank of China in the same period.

According to the governments finance statistics, a total of MVR 7,225.9 million in loans will be taken from EXIM Bank of China between 2012 and 2023 while MVR 7,238.6 million in loans will be taken from EXIM Bank of India during the same period.

The statistics also show that India will be giving a total of MVR 7,836 million as bilateral grants within the period of 2012 till 2023 making it the largest donor country to the Maldives. Out of this, a total of MVR 7,754.1 million will be given between 2018 and 2023.


According to the Indian High Commission in Maldives, at present, both countries are executing a total of nine projects, mainly under in the connectivity and infrastructure domain, worth USD 1,240 million, under three different lines of credit extended to the Maldives.

Out of this, five projects are at the tendering state with the Ministry of Finance, with contracts of these projects expected to be awarded within the next six months.

Among the projects are, establishing water supply and sewerage systems across 34 different islands of the country, development of an international cricket stadium in Hulhumalé, development of a port in Gulhifalhu, as well as the Greater Malé connectivity project, along with the relocation of the cancer hospital from Hulhumalé to Laamu Atoll and the redevelopment of Hanimaadhoo International Airport.

In addition to these, Maldivian government has also requested to include the development of Gan International Airport, located in Addu, among the projects listed under the line of credit extended by the Indian government to the Maldives.

After the current government took office, Indian support through various projects has been seen all around the Maldives and specially during the pandemic. During the pandemic, India has been continuously assisting the Maldivian government in providing necessary food and medicine supplies and has promised to maintain a steady flow of basic necessities. Indian government also sent a team of doctors in March of this year to assist in the Covid-19 preparedness followed by 11.7 tonnes of medicines in April and May.

Government finance statistics (GFS) covers all financial activities of the government. GFS enables policy makers and analysts to assess impact of policy on the economy and allows international comparisons of government operations. The GFS presentation is similar to that of business accounting where the profit and loss accounts and the balance sheet are presented in an interlinked manner. Since GFS emphasizes on the economic substance over the legal form of events it differs noticeably from the budget or public accounting reports that appear in national presentation of government operations. These tables are updated once a year before the end of March.