By IANS,
New Delhi : 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.
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