President Ibrahim Mohamed Solih has announced moratoriums have been granted for over 15,000 loans issued from 8 banks amid the COVID-19 pandemic. The president made the remarks while addressing the nation.
The government along with all the relevant authorities are working tirelessly to ease the livelihoods of the citizens by minimising the impact of COVID-19. In this regard, the government requested the banks to provide loan moratoriums amid the pandemic.
In a televised address, President Solih noted monthly payments for over 15,000 personal and business loans have been delayed for a period of 6 months. A total of 8 banks have accepted the request of the government to provide loan moratoriums for 6 months including Bank of Maldives (BML), Maldives Islamic Banks (MIB), Maldives Finance Leasing Company (MFLC), Housing Development Finance Corporation (HDFC), the president said. Elaborating further, the president stated 83% of the loans were issued from the national bank, BML.
Furthermore, while appreciating the assistance received from banks amid the pandemic, the president said the government is in efforts to seek easier means for small and medium enterprises (SMEs) and freelancers during the current situation. He underlined several efforts are underway to assist individuals facing the loss of job and salary reductions due to the pandemic, highlighting a monthly amount of USD 323.71 will be granted for such individuals.
Highlighting the situation is distressing to everyone around the globe, the president said there are important matters to improve in the future. He added it is crucial to think of the current situation as an opportunity to better the future.
President Solih called on everyone to embrace environment-friendly lifestyles and to work to improve the living situation of expatriates in the country. He also urged everyone to take precautions and to be cautious about health while at the same time working collectively to overcome the economic challenges.