The government has completed payment of outstanding amounts from loans taken by citizens to compensate for damages received in the 2004 tsunami disaster. The decision was revealed in a press release issued by President Ibrahim Mohamed Solih.
In the press release, the president revealed from the USD 2 million outstanding from 455 loans issued by Bank of Maldives (BML), the government has cleared close to USD 1 million. Following the move, BML has waived the remaining payments of the loans.
President Solih said the decision was made after deliberating on the fact that a number of citizens who took loans in the wake of the 2004 tsunami disaster have been unable to pay back their loans.
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