In a significant move to empower local businesses, the government has announced the decision by President Dr Mohamed Muizzu to offer a comprehensive package of concessions aimed at supporting small and medium enterprises (SMEs) over the next two years.
The announcement was made by the Minister Economic Development and Trade Mohamed Saeed during a press conference at the President's Office.
The decision follows a recent meeting between President Muizzu and SME representatives, where business owners voiced their challenges and concerns.
Minister Saeed emphasised that the government will address these issues through coordinated efforts involving key agencies such as the Maldives Inland Revenue Authority (MIRA), Maldives Customs Service, Maldives Ports Limited (MPL) and Maldives Airports Company Limited (MACL).
As part of the support, a dedicated fund of USD 32.4 million will be allocated to SMEs next year. Over the past two years, the government has already disbursed USD 22.6 million in small loans to 595 businesses across ten key sectors, including women-led enterprises, mariculture, fisheries, and tourism.
Additionally, the Ministry of Finance and Planning has settled USD 843.1 million in outstanding bills, with USD 324.3 million directed to SMEs.
To ease foreign exchange access, Bank of Maldives (BML) has increased dollar support, offering up to 50% TT for bills under USD 2,500, up to 30% for those between USD 2,500 and USD 5,000 and 15% of amounts above USD 5,000 at the official exchange rate.
MIRA has also enhanced outreach, providing tax guidance to 2,291 small businesses in the Male’ area and introducing relief measures for those with unpaid tax obligations.