Over MVR 129 million has been issued through the government’s income support allowance programme.
According to the Ministry of Finance, the MVR 129.2 million was disbursed to 11,072 individuals by November 19.
The income support allowance scheme was introduced by the government in May, as a relief for individuals experiencing financial difficulties as a result of employment issues due to the Covid-19 crisis.
The goal of the financial relief package is “to ensure job continuity for Maldivians, large-scale lay-offs and wage reductions have taken place.”
Those eligible for the MVR 5,000 relief package are Maldivians who are currently unemployed; are on no pay leave; had their salary deducted; and had their earnings affected (the latter is both for self-employed and freelance workers).
While the Covid-19 emergency income support allowance was introduced in May, for a three-month period -April, May and June- a second round was announced for July, August and September. Back in October, the finance minister announced plans to continue the programme until December.
Under the Covid-19 recovery loan scheme, a total of MVR 303.6 million was disbursed for 1,322 businesses by November 15 while MVR 18.3 million was issued for 607 self-employed individuals.
In total, MVR 321.9 million has been issued for 1,929 individuals under this scheme.
The Covid-19 recovery scheme was introduced by the finance ministry in partnership with the SME Development Finance Corporation (SDFC), and implemented via the Covid-19 ‘Viyafaari Ehee’ loan product by SDFC.
The recovery scheme is targeted towards self-employed workers -with annual turnover less than MVR 10 million in 2019- who are facing difficulties in meeting their current operational requirements due to the ongoing pandemic.