All loans relating to tsunami paid off by govt.; remainder pardoned by bank

The government of Maldives has paid off the loans that were issued to individuals following the 2004 tsunami disaster.

In a statement released by the President's Office, they said MVR 30.4 million remained unpaid over 455 different loans issued by the government and Bank of Maldives to assist in the recovery of damages caused by the tsunami disaster. On the direct order of President Ibrahim Mohamed Solih, half the total amount, MVR 15.2 million has now been paid off by the government, while the remaining half has been pardoned by the bank.

President's Solih decision came after considering the challenges faced by the people in paying back the loan, and the delay in repayment.

National bank, BML also confirmed that the remainder of the loan amounts have been pardoned, and further noted that 144 loans issued through Maldives Association of Tourism Industry (MATI) and Maldives National Association of Construction Industry (MNACI) to individual citizens in the wake of the tsunami disaster have also been pardoned. Both associations had issued loans amounting to MVR 9.49 million.

As of now, there are no more loans issued regarding the tsunami disaster that are unpaid, confirmed the President's Office and Bank of Maldives.