President Dr. Mohamed Muizzu has announced that the government will introduce special measures over the next two years to support the development of small and medium-sized enterprises (SMEs).

The President met with SME owners on December 17, where he listened to the challenges they face and assured them that the government would work to address these issues. Following the meeting, he stated on social media that the cabinet has made decisions aimed at strengthening the government’s SME development plans, based on concerns raised by business owners.

The next two years have been designated as a special period focused on promoting SMEs, with some measures scheduled to take effect from January 1, 2026. Further details will be announced by the relevant government authorities.

During discussions, the President highlighted plans to improve how government dues to businesses are handled. He noted that while some government payments owed to companies are already deducted from tax obligations, the system cannot yet be applied widely. The government will consult with the Maldives Inland Revenue Authority (MIRA) and the Ministry of Finance to explore legal options to expand this policy.

At a separate meeting held at the President’s Office, Economic Development Minister Mohamed Saeed said the government will introduce several initiatives over the next two years to benefit businesses. These include discussions with MIRA, Customs, Ports, Airports, and other agencies to provide relief to the private sector. He also announced plans to issue MVR 500 million in loans for small businesses next year.

According to the Minister, MVR 349 million has already been issued to 595 small businesses over the past two years under various loan schemes, including those targeting women entrepreneurs, mariculture, fisheries, and tourism.

The Minister of Finance reported that the government has paid MVR 13 billion in bills over the past two years, with MVR 5 billion paid to SMEs. Support from Bank of Maldives for small businesses making telegraphic transfers has also been increased, with reduced charges applied at the official dollar rate for smaller bills.