The Union Cabinet took this decision at its meeting here.
"India had signed an agreement with Maldives in November, 2011 to extend a Standby Credit Facility of USD 100 million to it. As per the terms of the agreement, USD 50 million was earmarked for imports from India and the other USD 50 million was to be utilized for budgetary support by the Maldives government," an official said.
The Cabinet also approved the amendment to increase the amount of budgetary support to the Maldives to USD 75 million. The amount earmarked for imports from India also stands revised to USD 25 million.
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