Covid-19: Six month grace period for principal and interest payments of BML loans

The state has announced a six-month grace period for interest and principal payments for existing loans at Bank of Maldives (BML).

This is a measure taken to provide assistance for citizens and local businesses impacted by the consequent economic downturn resulting from the Covid-19 pandemic.

As such, interested parties must apply for the assistance and show documented proof of the economic impact whether direct or indirect.

The revelation came from Minister of Finance Ibrahim Ameer during a press conference held on Thursday, where he added that BML will announce the details in the near future.

While the minister revealed that an agreement has been reached with BML, he also stated that similar discussions are ongoing with other financial institutions.

Further, the state has also announced a MVR 2.5 million economic recovery package as well.