Economic Minister Fayyaz Ismail has announced that they have planned to reduce the interest rates on loans and is coming up with a plan to ease the loan repayment conditions to minimize the negative impact COVID-19 will have on the economy.
Economic Minister further added that reducing interest rates and easing the process of loan repayment is very important to ensure the survival of the local businesses. This would also strengthen the security of employment.
He also highlighted that they have been working with the Finance Ministry to announce an economic stimulus package to ensure the continuation of jobs and survival of businesses.
President Ibrahim Solih has also stated that the spread of COVID-19 in the Maldives is expected to reduce the economic growth to 0.5% to -5.6%.