Maldives government have made a total disbursement of MVR784.1 million as relief loans under the Economic Recovery Package.
According to Ministry of Finance, the total disbursements were made to ,1762 entities - individuals and businesses - under the state initiative to provide financial stimulus amid Covid-19 pandemic.
The Covid-19 global outbreak reaching Maldives resulted in the country's economy hitting hard with one of the worst periods of regression in recent years.
Meanwhile the ministry confirm a total of 335 entities received relief loan under the package through Bank of Maldives (BML) as of 4 August 2020. This translates to MVR486 million and USD6.5 million in monetary terms.
Bank of Maldives (BML) is expected to issue loans under the Economic Recovery Package to a total of 368 parties, 40 of which remain as pending applicants await process approval.
Furthermore, the bank confirms applications from a total of 128 entities have not been processed due to inadequate documentation.
On the other hand, SME Development Finance Corporation (SDFC) have issued loans worth MVR198 million to a total of 1,427 parties out of the 1,725 approved parties.
