Gasim pledges to forgive all SME loans
Many borrowers have no way to repay the loans, Gasim said.
Jumhooree Party (JP) presidential candidate Gasim Ibrahim on Monday pledged to forgive all loans issued to small and medium enterprises (SMEs) if he comes to power.
Speaking at a campaign rally in AA. Mathiveri, Gasim said the government is indebting the people with "premeditation" and there is no merit in issuing SME loans.
"SME loans, other things, the state money in the budget, taken and given without any procedure. Agreements made with some, while there is no agreement with others. They are wasting away money as much as they want," he said.
Many borrowers have no way to repay the loans, Gasim said.
“In my government, if you elect me, God willing, I will forgive all SME loans given by the state and the government immediately,” he said.
"If you give us the chance to govern, even if there is MVR 2 billion or MVR 3 billion, we will forgive it from day one."
All loans given to the people from the government budget will be forgiven, he said.
SDFC or SME bank is a company established by the government to lend money to small and medium enterprises. The bank provides loans of up to MVR 5 million for business start-up, development, and purchase of goods.
