Minister of Economic Development and Trade Mohamed Saeed has stated that the government will initiate efforts to stabilize the dollar exchange rate this year.
Speaking at the Ahaa Forum, Minister Saeed said the allocation of funds to small businesses is part of the government's roadmap for its first 14 weeks in office. As such, loans will be issued to small businesses through the SME Bank and the Business Centre Corporation (BCC) along with foreign assistance. He added that USD6.5 million in loans will be issued, of which half will be given to women entrepreneurs.
Additionally, Minister Saeed said the government will also focus on creating young entrepreneurs. He added that the development of a creator economy hub will begin soon, paving the way for a space for young entrepreneurs and innovative thinkers. He also said a special financial scheme will be introduced for content creators, allowing for more convenience in joining the creator economy.
Furthermore, Minister Saeed addressed the concerns of small businesses regarding exchanging dollars. He also noted the presence of an active black market while the dollar is available at MVR15.42 in the official market. He said the President has planned targeted efforts to stabilize the exchange rate this year.
Moreover, Minister Saeed said when the new administration took over, the government had USD454 million in pending payments to small businesses. However, he said the figure has now been reduced to USD227 million.