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Before the 1980s, theMaldives received limited assistance fromUN specialized agencies. Much of the external help came fromArab countries such asSaudi Arabia,Kuwait, and theUAE, for use on an ad hoc basis rather than as part of comprehensive development plan. However, with the developmental commitment of PresidentMaumoon Abdul Gayyoom, who assumed office in 1978, Maldives received an annual average ofUS$15.5 million in external assistance in the form of grants and loans fromSAARC toMaldives.
In 1992, Maldives received approximately US$11.6 million in foreign aid from international agencies such as theWorld Bank,Asian Development Bank and individual countries, particularlyJapan. Other than humanitarian aid, loans and grants went for such purposes aseducation,health,transport,fisheries, andharbour development.[1] The Maldives currently owes more than 35% of its debt to Chinese investors. The challenge with the Maldives' outlook is that it is developing too much too quickly, and the small island nation is vulnerable toChina's formidable financial power. There is lack of economic capacity to compete.[2]
TheUnited Nations Development Programme is providing support to the Maldives for environmental projects.
Debt - external: estimated percent of GDP[3]
This article incorporates text from this source, which is in thepublic domain. Karl E. Ryavec (1994).Helen Chapin Metz (ed.).Maldives: A Country Study.Federal Research Division. Economic Aid..svg)
