President Ibrahim Mohamed Solih has revealed the repayment of loans worth over USD 870 million has been deferred, as part of efforts to provide financial relief amid the COVID-19 pandemic.
Speaking at a press conference held at the President’s Office, the president said the government is working on assisting individuals and businesses overcome the financial difficulties caused by the COVID-19 pandemic. As such, he noted repayment of bank loans worth over USD 870 million, issued to over 16,000 individuals, has been deferred.
The president also shared details of the economic relief loans issued to assist businesses and freelance workers affected by the COVID-19 pandemic. He said 244 individuals have been issued a total of USD 24.8 million as economic relief loans through Bank of Maldives (BML). He further noted relief loans worth USD 15.9 million have been arranged through SME Development Finance Corporation (SDFC) for 1,382 businesses and 988 individuals, which include taxi drivers, musicians and other freelance workers.
President Solih stated the financial assistance provided by the government was facilitated by the USD 260 million overdraft from the central bank Maldives Monetary Authority (MMA), approved by the Parliament of the Maldives. He also acknowledged the financial assistance provided by multiple international organisations in the efforts of the Maldives to overcome the COVID-19 crisis.