President Dr. Mohamed Muizzu has decided to offer significant concessions to promote small and medium-sized enterprises (SMEs) over the next two years.

Speaking at a press conference held today at the President's Office, Economic Minister Mohamed Saeed stated that the government plans to undertake numerous initiatives beneficial to businesses in the upcoming two years.

Elaborating on the details, the Minister noted that the government would engage with various entities related to business, including MIRA (Maldives Inland Revenue Authority), Customs, Ports, and Airports, to provide concessions to business owners. He also announced that MVR 500 million has been earmarked for loans specifically for small businesses in the coming year.

"Over the past two years, 349 million Rufiyaa in small loans has been disbursed to 595 small businesses under this loan scheme, which includes special loans for women, and covers sectors such as mariculture, fisheries, and tourism," the Minister explained.

The Minister added that the Ministry of Finance has settled MVR 13 billion in various bills over the last two years, of which MVR 5 billion was paid for bills pertaining to small and medium-sized enterprises.

He further mentioned that BML's dollar support for TT (Telegraphic Transfer) facilities for small businesses has been increased. Specifically, 50 percent of the official dollar rate is now offered for bills below USD 2,500, and 30 percent for bills between USD 2,500 and USD 5,000 for TT.

The Minister concluded by stating that the government's ongoing efforts are improving the Maldivian economy and building investor confidence in the Maldives. He noted that major foreign investors have already announced investments in the Maldives, which is expected to increase the inflow of dollars into the country.