MVR 2.5 Billion Economic Recovery Plan

20th March 2020

Minister Ibrahim Ameer has announced an Economic Recovery Plan of 2.5 Billion rufiyaa to minimize the impact on the people of the Maldives due to the Covid – 19 virus that is spreading globally. The minister conveyed this message at a press brief held at Dharubaaruge yesterday to disclose information on important economic decisions made by the government due to the current situation. 

Economic Minister Fayyaz Ismail, Governor of MMA Ali Hashim and Chairman of Public Accounts Committee of the People’s Majilis Mohamed Nashiz also took part in the press brief. During the press Minister Ameer disclosed some important decision of the government.

 To reduce the government expense by reducing recurrent expenses by 1 billion rufiyaa.

 Continue PSIP projects as planned.

 Increase the amount of funds allocated for health sector due to Covid – 19.

In addition to this, to minimize the direct impact to the citizens, an Economic Recovery Package consisting of the following have been prepared.

 Arrangement of working capital for businesses through banks.

 To subsidize 40 % from electricity bill for the month of April and May

 To subsidize 30 % from water bill for the month of April and May

 Principal and interest amount of loan repayments to BML to be deferred by 6 months to businesses and people who have been negatively impacted as a direct result of Covid-19

 To reduce the oil price sold from STO


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