Minister of Finance announces appeal process for re-registration of the Covid-19 recovery loan scheme

Businesses who have been rejected to COVID-19 relief loan from Bank of Maldives (BML) and SME Development and Finance Corporation (SDFC) have to request to revise the decision via mail, according to Ministry of Finance.

Minister of Finance Ibrahim Ameer has 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

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Hence, Finance Ministry has released actions rejected companies need to take before request to revise the decision.

  1. Reinstating laid off employees and to pay MVR 5,000 to employees who were sent on no-pay leaves.
  2. If there are any employees who have reported action taken against them due to COVID-19, has to mail job centre for withdrawal of their complaints within three days.
  3. When applying to revise the rejected applications, companies have to submit an undertaking document.

Companies who applied for loans from BML has to send their request to revise the application to Companies who has applied for loans in SDFC are instructed to mail requesting to revise the application.

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