Govt arranges moratorium for over 15,000 loans

President Ibrahim Mohamed Solih has revealed that 6-month moratoriums have been arranged for over 15,000 loans.

The president made the announcement in his address to the nation on Wednesday.

The arrangement is made as a measure to cushion the socio-economic challenges faced by individuals and businesses due to COVID-19 pandemic. President said over eight banks have joined the programme initiated by the government to arrange moratorium for the loans obtained by individuals and businesses. President further said that over 15000 loans are now subject to a 6-month moratorium and that 83% of the loans are lendings of the national bank, Bank of Maldives.

Moreover, the president stated that the government is working on additional measures to mitigate the challenges faced by the public in the current health crisis. In that respect, the government has decided to provide an unemployment allowance of MVR 5000 for those who have lost employment due to the pandemic.