Ministry of Finance Announces Grace Period Extension For COVID-19 Recovery Loans Issued Through BML

On Thursday, Ministry of Finance made an announcement informing that they have extended the grace period for the COVID-19 recovery loans issued through the Bank of Maldives Plc (BML) to businesses in order to keep themselves afloat amidst the economic impacts of the pandemic

The loans were initially introduced with a grace period of 6 months whereas the announcement on made on Thursday notes that those businesses that have borrowed the loan can apply for a 6-month extension – effectively increasing the total grace period to one year. Accordingly, one can file for an extension with the Bank via email 30 days before their existing grace period ends. Whereas the grace period has already expired or there is less than 30 days remaining until the expiry date, businesses must apply for the extension before 1^st April via email.

Nevertheless, the Ministry notes that loan evaluation standards and procedures of the Bank and also the Ministry will be taken into account when they accept applications to extend the grace period.

Under the COVID-19 recovery loan scheme, MVR 585.9 million & USD 8 million has been dispersed to help businesses.