President Ibrahim Mohamed Solih has assured commitment to defending the rights of workers even during these vulnerable times.
In a tweet sent on the occasion of International Workers' Day, President Solih noted the rights of workers are currently under threat due to the COVID-19 pandemic. The president said the global economy has been hit hard by the pandemic, adding the Maldivian economy is being impacted more severely than others due to the shutdown of tourism which controls the local economy. He, however, said the government remains committed to protecting the rights of workers even during these vulnerable times.
As part of the efforts of the government to protect individuals whose employment is affected by the pandemic, an unemployment allowance of USD 323 has been introduced for individuals who lose their jobs due to the current situation.
Furthermore, stimulus packages worth a total of USD 160 million have been introduced to assist local enterprises amid the pandemic. Resorts and other businesses that generated an income of over USD 650,000 last year can seek loans under the stimulus packages through Bank of Maldives (BML), while businesses that recorded an income less than USD 650,000 last year can seek loans through SME Finance Development Corporation (SDFC).
Additionally, sole proprietors can also seek loans through SDFC. The loans are issued at a 6% interest rate, with a grace period of 3 years and 6 months.
USD 25.9 million has been provided to the SME Bank as relief funds to prevent small and medium enterprises from going bankrupt during the pandemic.