The government of Maldives took USD 25M from STO

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MALE, 5 April, 2021 (TON): Through State Trading Organization (STO), the Maldivian government has taken a USD 25 million loan, announced STO.

On Sunday, STO said, “STO has secured a working capital of USD 25 million from Hongkong and Shanghai Banking Corporation (HSBC) to assist during the pandemic.”

STO said the fund will be allotted and managed by the Finance Ministry.

However, the loan comes after the government issued sovereign guarantee back in 31 January for a USD 25 million loan from HSBC to import pharmaceuticals and staple food products required by Maldives.

 

 

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