The Government of the Maldives has introduced two new loans under its COVID-19 Recovery Economic Stimulus Scheme. In this regard, the government introduced the Economic Stimulus Loan and Economic Sustainable Loan.
The loan scheme was introduced jointly by the finance ministry and the Bank of Maldives (BML). The government revealed the new economic stimulus loans will assist the small and medium-sized enterprises to recover from the losses faced due to COVID-19. The government expects the loan schemes to revive the businesses facing losses within the past year. According to the government, loans up to USD 647,000 would be provided without a mortgage with a lower interest rate.
Minister of Finance Ibrahim Ameer said USD 24.3 million rs worth of loans will be issued with the lowest grace period for interest rates ever seen in the country, which is expected to greatly benefit businesses. He also noted so far USD 110 million worth of relief loans have been issued through BML and SME Development Finance Corporation (SDFC) and USD 110 million has been spent on expanding the health sector.