The Maldives government has decided to extend the grace period for the Covid-19 Recovery Loans provided through the Bank of Maldives.

An announcement by the Finance Ministry on Wednesday read that the Ministry had decided to extend the grace period of the Covid-19 Recovery Loans which were disbursed through the Economic Relief Package via the Bank of Maldives as part of the government's efforts to reduce the impact of the pandemic on the Maldivian economy.

However, the grace period will only be extended for those who had not opted to extend it for 19 months during the previous extension.

In addition, all those who took the loan will be given the opportunity to extend the repayment period to 103 months including the grace period.

The Ministry further noted that the loans were provided as part of relief for businesses during the pandemic, which is why they are also eager to provide easier repayment methods.

The announcement also highlighted that those who want to extend the grace period and those who wish to reschedule the loan must inform BML within the next 60 days via an email to [email protected].