Minister of Economic Development Fayyaz Ismail has stated the administration is working to reduce the impact of COVID-19 on Maldivian businesses and the job market. In a tweet, Minister Fayyaz said the economy ministry is working with the Ministry of Finance to announce an economic stimulus package to ensure the continuation of jobs and survival of businesses.
The economic minister said efforts are also underway to reduce the impact by ensuring working capital arrangements for small and medium-sized enterprises (SMEs) at concessional rates and conditions. At the time the global economy is at a crisis, the tourism sector which accounts for most of Maldivian GDP, has been significantly affected. The minister also said he expected the commercial banks and Maldives Monitory Authority (MMA) to bring additional measures to ensure the businesses remain functional by easing interest and repayment conditions subjected to the retention of jobs.
Bank of Maldives (BML) has launched a scheme to finance operating resorts up to USD 2 million as working capital with a repayment period of 3 years. Additionally, BML has recently launched a scheme to provide businesses with access to finance up to USD 194,552 as unsecured working capital finance to meet short-term financing and cash flow requirements.