Ministry of Finance has revealed over USD 23 million has been released from the COVID-19 Trust Fund for the economic relief package issued by the administration amid the COVID-19 pandemic.
The economic relief package was introduced to assist individuals and businesses financially affected by the COVID-19 pandemic. Funds for the economic relief package are issued through the COVID-19 Trust Fund.
The weekly COVID-19 spending report publicised by the finance ministry revealed USD 23.6 million has been released from the COVID-19 Trust Fund as of July 2. This includes USD 22.7 million released to banks for the economic relief loan schemes, and USD 900,000 released to National Social Protection Agency (NSPA) for the income support scheme.
A monthly income support allowance of 323 US dollars was introduced by the administration to assist individuals whose employment or income has been affected by the COVID-19 pandemic. The finance ministry revealed the income support allowance has been disbursed to 2,507 people, including 1,450 people during the past week. Over USD 655,000 has been disbursed as income support allowance.
Meanwhile, Bank of Maldives (BML) has disbursed loans worth a total of USD 25.4 million to 290 individuals under the economic relief loan scheme. In addition, SME Development Finance Corporation (SDFC) has disbursed loans worth USD 7.7 million for 1,013 individuals and businesses.
The economic relief loan scheme is conducted through BML and SDFC in order to assist individuals and businesses whose sources of income have been blocked due to the COVID-19 pandemic. A maximum of USD 32,250 is disbursed under a single loan, which is issued at 6% interest rate and a repayment period of 3 years.