In a press conference today, Finance Minister Ibrahim Ameer stated that the government intends to issue another economic stimulus package to assist people and businesses in coping with the financial burden of COVID-19 restrictions.
Minister Ameer noted that several initiatives and assistance were provided to affected people and businesses last year, and that efforts will continue this year with another MVR 370 million loan package issued by the Bank of Maldives (BML). He further stated that the SME Bank will provide COVID relief loans to small and medium-sized businesses.
Moreover, Ameer said that the loans would have a 6% interest rate, a one-year grace period, and a 5-year loan term. In addition, he stated that the SME bank would provide additional information regarding the relief loans.
According to Minister Ameer, President Ibrahim Mohamed Solih’s announcement of a reduction in utility prices for all Maldivian households and businesses is part of the stimulus package.
President Solih stated that around 30 percent of water bills and 40 percent of electricity bills from households will be reduced, while businesses will be offered a 20 percent reduction from water and electricity bills during this time.