The Finance Ministry has decided to extend the grace period of loans borrowed under the government's COVID-19 recovery loan scheme through the Bank of Maldives (BML).
The government introduced an economic relief package to help the economy recover from the slowdown caused by the COVID-19 pandemic.
The Finance Ministry announced Wednesday that the grace period of the loans would be extended for a total of 19 months for those who request an extension. The grace period can be extended for 19 months for those who received a 19-month extension in the past.
The Finance Ministry said the loan repayment period could also be extended for a total of 103 months, including the grace period. This offer is open to all borrowers.
The scheme is aimed at providing working capital to businesses to overcome the economic slowdown caused by COVID-19 without affecting the employment of employees. Therefore, it is the ministry's aim to provide ease in repaying such loans, the ministry said. The recovery of the money will facilitate the opening of more such schemes, the ministry added.
Those who have taken out loans under the COVID-19 Recovery Scheme should email BML within 60 days from today to extend the grace period for a total of 19 months.
