Resolution to award moratorium for business loans accepted to Parliament

MP of South Fuvahmulah Constituency Mohamed Munthaz | photo: Parliament

Malé, Maldives – The resolution sponsored by MP of South Fuvahmulah Constituency Mohamed Mumthaz to award moratorium to businesses who are unable to repay their loans due to the ongoing Covid-19 pandemic, was accepted at today’s Parliamentary sitting.

The resolution was passed with the vote of 48 Parliamentary members at today’s sitting and has now been sent to the Parliamentary Finance Committee for the Committee stage.

The resolution sponsored by MP Mumthaz states to arrange a moratorium for all loans taken by businesses and credit facilities without any partiality. In addition to this, the resolution will prevent any additional interest from being charged, or having to pay extra money to the credit facility during the period of the moratorium.

Maldivian businesses have suffered great losses since the pandemic as it, directly and indirectly, affects their sales and work. While the country is currently going through the worst wave of Covid-19 since the pandemic began, the number of daily cases are now slowly decreasing allowing businesses to have a chance to recover from the impact of the pandemic.