Minister of Finance announces appeal process for rejected applicants of the Covid-19 recovery loan scheme

17th May 2020

The government has decided that the relief loan will also be given to those applicants who have terminated or suspended their employees but are willing to reinstate their staff in a bid to provide another opportunity for such applicants.

This information was declared at the press release that was held at the National Emergency Operation Centre by Minister of Finance Ibrahim Ameer. Minister stated that applicants for the relief loan include those who have laid off their employees but that if they are willing to reinstate the previous job for their employees, they will then qualify for the loan. “If companies can reinstate staff that has been terminated, suspended, or salary reduced and ensure that that they are paid an amount not less than MVR 5000 the company will be eligible for the loan” Minister Ameer.

Minister Ameer also stated that through the Bank of Maldives, 111 loans have been approved and SDFC has approved 380 loans amounting to to MVR 72 million

During the press release, Ahmed Saruvash Adam, Chief Financial Budget Executive of Ministry of Finance stated that at the moment the cash flow is sufficient and additional work is being carried out to secure more funds.

Minister of Finance has decided to meet with the media on a weekly basis.

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