A digest of news and opinion from the Maldives.
Bank of Maldives (BML) has approved loans for 441 applicants under the bank’s Covid-19 Recovery Scheme. According to statistics from the Ministry of Finance, MVR 585.9 million and a total of USD 8 million had been disbursed through 419 loans issued on behalf of BML as of 14th January 2021. The statistics also reveal that […]
Bank of Maldives (BML) has issued MVR 475.6 Million and USD 6 million as loans to 330 companies under the COVID recovery scheme. According to the statistics publicized by the Finance Ministry, 542 companies have applied for the COVID recovery scheme. Out of the 542 individuals, 128 are not eligible for the scheme. The report […]
Finance Ministry issued a loan of 1MVR 198 million via SME Development Finance Corporation (SDFC) directed at the small businesses operating in the Maldives, under the government’s recovery scheme. This includes small businesses, middle-class businesses, and self-employed people. Under the stimulus package of MVR2.5 Billion, announced by the government, SDFC issues loans for small and […]
State Bank of India (SBI) has issued USD 16.20 million in loans for COVID-19 relief purposes directed at businesses operating in the Maldives, in order to support the government measures taken amid Pandemic. According to the Indian High Commission in the Maldives in addition to the loans, SBI has also deferred loan repayments for 200 […]
Finance Ministry has disbursed a total of MVR 18.1 million has been disbursed as income support allowances so far. The Ministry of Finance had revealed that income support allowance has been disbursed to a total of 4,525 individuals since it was commenced. The ministry has also issued more than MVR 350 million under the government’s […]
Finance Ministry has deferred land lease payments and resort payments by its owners to the government, for a period of one year. A circular signed by Finance Minister Ibrahim Ameer read that both businesses and the public are facing faced with economic downturns due to the COVID-19 pandemic and the safety measures implemented regarding the […]
The resort lease payment extension to 6 months will cost the government MVR 900 million, Finance Minister Ibrahim Ameer revealed. The Minister said that resort lease payments contribute vastly for government earnings with MVR 1.7 billion budgeted to receive even this year. However, the government is expected to receive MVR 800 million now due to […]
Businesses who have been rejected to COVID-19 relief loan from Bank of Maldives (BML) and SME Development and Finance Corporation (SDFC) have to request to revise the decision via mail, according to Ministry of Finance. Minister of Finance Ibrahim Ameer has stated that applicants for the relief loan include those who have laid off their […]
The government of Maldives has announced to release a stimulus package of MVR 2.5 billion for the sustainability of the economy amidst the global recession followed by the COVID-19 pandemic. The stimulus package includes MVR 1.55 billion ($100 million) in emergency loans for businesses to meet short-term working capital needs. As the funds are limited, […]