State disburse MVR361.3mn to SMEs under ERP

Maldives government made a total disbursement of MVR361.3 million towards local small to medium tier businesses following Covid-19.

Moreover, the state initiative of Economic Response Plan kicked off earlier in 2020 following the economic impact due to the viral pandemic.

Ministry of Finance reports disbursement of funds under Economic Recovery Plan to a total of 2,114 small to medium tier businesses so far.

Furthermore, the loans are subject to just 6% of interest with a 3-year repayment period.

The debtors must repay the loan amounts through SME Development Finance Corporation (SDFC).

Meanwhile, larger enterprises report receiving a total of MVR585.9 million under ERP schemes.

On the other hand, state continues providing Income Support Allowance to workers who went through redundancies – as part of the ERP.

Ministry reports a total of 22,786 individuals receiving the allowance so far.

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