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Parliament has approved a $300 million loan from the World Bank for the First Resilient Recovery Development Policy Financing.
This funding is crucial for implementing the policies outlined in the 2024 budget. Initially opposed by the minority due to a $449 million tax waiver request, the loan was eventually approved after Finance Minister Mohammed Amin Adam committed to reconsidering the tax exemption petitions within two weeks.
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The loan is a 25-year concessional facility with a five-year grace period, an interest rate of around 1.25 percent, and a total grant element of 26 percent.
Finance Minister Adam assured that the funds would be used to support various initiatives outlined in the 2024 budget.
