SME Development Finance Corporation SDFC has extended the moratorium on all loans till the end of the year amid the COVID-19 pandemic that has devastated the country’s economy.
The loan moratorium extension is open to all who wish to apply.
Economic Minister Fayyaz Ismail welcomed the decision by SDFC by thanking the corporation for the extension.
In a tweet, he said that he hoped bigger banks will follow suit in this unprecedented situation and bring heart to banking.
This comes after the final report of the Rapid Livelihood Assessment, to understand the impact of the COVID19 crisis in the Maldives revealed the immediate and widespread impact on employment and livelihoods - hitting the most vulnerable the hardest, with a significant impact on Micro-, Small and Medium-sized Enterprises (MSMEs).
The report said that the impact of the crisis on employment was immediate and widespread, with the tourism sector being the first to absorb the economic shock from the crisis.
It went on to say that impacts on MSME operations revealed disruption to businesses, supply disruptions, impacts on cost of operations, loss of sales and revenue, impact on cash flow, and employment adjustments made by MSMEs.
