Minister of Finance Ibrahim Ameer has stated that the distribution of COVID-19 relief loans in order to aid in economic recovery has gone well.
During an interview with online news Mihaaru, Minister Ameer claimed he was satisfied with how loans were distributed. He added that without the loans, the negative impact on the economy would have been much greater, and would have suffered greatly.
In the interview, Ameer stated that the loans to small and medium enterprises and large businesses were distributed fairly.
He revealed that last year, the economy declined by 29 percent. The effects would have been much more devastating had the government not provided aid, said the minister.
Minister Ameer confirmed that the focus was not only on the tourism industry, as loans were also provided to businesses in construction and retail.
He believes that the businesses will use the income generated with the loans for business expansion.
The government has given away millions as COVID-19 Relief Loans through the Bank of Maldives (BML) and SME Bank.
MVR 420 million has also been distributed as income support for those financially affected by COVID-19.