The government has announced a package of concessions aimed at supporting small and medium enterprises over the next two years, following consultations with business owners on operational and financial constraints.
The measures were outlined by Mohamed Saeed, Minister of Economic Development and Trade, during a press conference held at the President’s Office. The announcement follows a recent meeting between Dr Mohamed Muizzu and representatives of SMEs, where concerns related to financing, taxation, customs procedures, and access to foreign exchange were raised.
According to the Minister, the response will involve coordinated action across several state agencies, including the Maldives Inland Revenue Authority, Maldives Customs Service, Maldives Ports Limited, and Maldives Airports Company Limited.
A dedicated fund of MVR 500 million is set to be allocated to SMEs next year. Over the past two years, the government has disbursed MVR 349 million in small loans to 595 businesses operating across ten sectors, including women-led enterprises, mariculture, fisheries, and tourism.
The Ministry of Finance and Planning has also settled MVR 13 billion in outstanding bills, with MVR 5 billion paid to SMEs, easing cash flow pressures faced by suppliers to the state.
Measures to improve access to foreign currency were also highlighted. Bank of Maldives has expanded dollar support for import-related payments, offering up to 50 percent telegraphic transfer support for bills under USD 2,500, up to 30 percent for bills between USD 2,500 and USD 5,000, and 15 percent for amounts above USD 5,000 at the official exchange rate.
In parallel, MIRA has expanded its outreach efforts, providing tax guidance to 2,291 small businesses in the Male’ area and introducing relief measures for businesses with outstanding tax obligations.
The concessions package is expected to be rolled out over the next two years, with further operational details to be implemented through the relevant agencies.
