Loans worth MVR 13.4b deferred, relief packages provided for 1,800

President Ibrahim Mohamed Solih speaking in a press conference on June 23, 2020. (Photo/ President's Office)

President Solih has said that the government had deferred loan payments worth MVR 13.4 billion obtained from banks by individuals for personal and business purposes due to COVID-19.

Speaking in a press conference today, the President spoke on the decision to defer the loans by the government when the situation with COVID-19 in the Maldives was just beginning. Loans obtained through BML, MFLC, HDFC, and SDFC were deferred for a period of six months.

The President said that loans of 22,973 individuals were requested to be deferred, equalling MVR 16.7 billion. Out of the figure, the requests of 16,501 were granted, which is equal to MVR 13.4 billion.

1800 receive assistance from relief packages

Under the MVR 2.5 billion worth relief packages initiated by the government to assist businesses and individuals during the situation with COVID-19, the President said that financial assistance was provided to 244 through BML alone.

While the SDFC provided financial assistance as loans to 1,356 applications amounting for a total of MVR 245 million. They include 981 businesses and 375 individuals.

A total of 238 freelancers and private workers such as musicians and taxi drivers were provided MVR 7 million, said the President.