President Ibrahim Mohamed Solih has decided to change the pricing structure for electricity from banded prices to a flat rate.
At a campaign event in Male' City, President Solih said that he has visited many households in Male' during his campaign and heard similar concerns over their unsustainable expenses. He said that many residents have little left after paying their bills and that they especially want a reduction in their electricity bill. As such, he said he has decided to replace the banded prices with a flat rate for electricity bills, which will prevent the cost of electricity from hiking disproportionally due to increased consumption.
Additionally, President Solih highlighted his administration's decision to eliminate interest for loans disbursed through the SME Development Finance Corporation (SDFC) during the COVID-19 pandemic and extend the loan repayment period to 10 years. He also said that businesses that repaid the loans with interest will be reimbursed.