Govt disburses MVR 13 billion to businesses, including MVR 5 billion to SMEs
He said government institutions are continuing efforts to support the development of small businesses.
The government has disbursed MVR 13 billion to businesses since taking office, including MVR 5 billion to small and medium enterprises (SMEs), Economic Development Minister Mohamed Saeed said on Thursday.
Speaking at a press conference at the President’s Office, Saeed said the payments relate to work carried out by businesses during the previous administration. He said government institutions are continuing efforts to support the development of small businesses.
Saeed said that, under the SME Digital bank, the government has so far disbursed MVR 349 million to 595 small and medium enterprises. He said the financing support covers 10 areas.
He added that Bank of Maldives has introduced measures related to small businesses, including reductions in point-of-sale (POS) fees and increased foreign currency support for businesses making telegraphic transfers.
Saeed said tax-related concessions have also been provided to small businesses, alongside measures aimed at easing tax payment processes.
During a recent meeting with small and medium enterprises, business owners raised concerns with President Mohamed Muizzu regarding delays in the payment of bills by state entities.
At the meeting, the President said payments would be released to many businesses before the end of the month, with all outstanding bills to be settled by the month of Ramadan.
Saeed said the President has also decided to introduce special incentives for small and medium enterprises over the next two years.
