President Ibrahim Mohamed Solih’s administration has cleared over MVR 15.2 million in outstanding loans, taken by several individuals in the wake of the 2004 Indian Ocean Tsunami.

These loans were taken from Bank of Maldives (BML) and the state following the damages that were incurred by the devastating Tsunami.

A press released issued on Wednesday by the President’s Office noted that there was MVR 30.4 million in outstanding loans taken by 455 individuals. It added that the President had decided to clear MVR 15.2 million from that amount today.

The PR also added that the decision came after having deliberated on the issue, since several people had difficulties in paying off their loans.

“Hence, we have cleared 50% of the total outstanding loans, upon which Bank of Maldives has exempted the remaining MVR 15.2 million. All such loans have now been completed effectively,” the statement read.

It also stressed that as of now, there were no outstanding loans regarding the disaster.