President Ibrahim Mohamed Solih has outlined new COVID-19 relief measures for households and businesses alike in a press conference held last night.
As announced by the President, Government will slash utility bills of all households and businesses in the Maldives, in addition to a loan stimulus package for small and medium enterprise businesses to assist with the difficulties they face due to the current restrictive measures imposed to curb the spread of COVID-19.
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.
Speaking regarding the loan facility and stimulus package for businesses due to the restrictions imposed, President Solih said that the government is working on an MVR 375 million support scheme for SMEs. The purpose of the loan facility will be to reduce the impact on businesses due to the COVID-19 measures. He further added that loans would be disbursed through the Bank of Maldives.
President also explained that the ‘soft loans’ issued under the loan facility will be targeted at cafes, restaurants, and gyms. In addition, economic recovery loans or stimulus packages would also be issued through the Bank of Maldives in June.
President held a special press conference last night to address the media on the current COVID-19 situation. Moreover, he also admitted that the government made a mistake to ease the restrictions during the Local Council and Women’s Development Committee Elections last month but refuses to admit that the COVID-19 situation is out of control.