President Ibrahim Mohamed Solih has announced the decision of the government to defer the repayment of all student loans by six months.
Speaking at the press conference held regarding the situation of COVID-19 in Maldives, President Solih said the government has decided to ease the burden on individuals who are repaying higher education loans. In this regard, the president stated the repayment of all student loans will be deferred by six months. However, he added the policies practiced in issuing loans will not be changed.
The government had earlier reduced the interest rate of student loans to 3%. The loans were previously issued at an interest rate of 5%.
President Solih stated the government is taking several measures to mitigate the economic impact of the COVID-19 pandemic on the public. He assured the government will prioritise the safety and well-being of Maldivian citizens above all else.