‘Maldives Will Not Face Dollar Shortage’
Saturday 23rd of May 2020
‘Maldives Will Not Face Dollar Shortage’
Ministry of Finance announces that the country will not face dollar shortages regardless of the economic downturn from COVID19. During the press conference held on 23rd May, Finance Minister Ibrahim Ameer informed that the country’s reserves stood at about $800 million, out of which $231 million were usable.
Minister also revealed he was in talks with bilateral lenders and international financial institutions to procure around $290 million in loans and financial aid. The government expects to receive $27.60 million from Asian Development Bank, $5 million from Asian Infrastructure Investment Bank, $25.59 million from Islamic Development Bank $1.50 million from SAARC Development Fund and $20 million from European Investment Bank.
Government spent over MVR 60 million on discounting utility bills
Finance Minister reveals that the Maldivian government has spent over MVR 60 million on discounting utility bills during the COVID-19 pandemic. Ameer said the government had spent MVR 49.7 million on discounting electricity bills and MVR 10.9 million on discounting water bills.
On April, the government announced that it planned on discounting 40 percent of the electricity bill and 30 percent of the water bill. According to records released by the Finance Ministry, the government provided discounts on water bills to 46,417 households, and discounts on electricity bills to 92,588 households.
Over $13 million paid out in COVID19 emergency loans
The Minister announced that over MVR 200.8 million ($13.36 million) have been spent under an emergency loan scheme for businesses in Maldives that have been affected by the coronavirus pandemic.
Ibrahim Ameer informed that 125 large businesses and resorts have received MVR 145.7 million ($9.43 million) in local currency loans and another $2.5 million in dollar loans so far. Out of the 423 large businesses and resorts that asked for loans, 159 were approved to receive funding while 110 were deemed ineligible, and 14 were rejected. Another 140 applications are being processed. Further, more than MVR 22 million ($1.424 million) have been disbursed to 241 small and medium enterprises as well as self-employed individuals.