President Dr. Mohamed Muizzu has decided to pardon the interest on all loans given by Housing Development Finance Corporation (HDFC) and SME Development Finance Corporation (SDFC) during Covid-19.

Speaking at L. Fonadhoo during his visit to the Atoll, President Dr. Muizzu said the pandemic left multiple families in dire straits. He said the interest accumulated on the loans taken during Covid-19 has put a strain on people's finances.

"The Administration has decided to pardon the interest on loans taken during the pandemic. This applies to everyone who took out loans during the time. Once the offices re-open after Eid break, everyone who took loans can apply through HDFC and their loan interests will be pardoned," President Dr. Muizzu said.

He noted that although the former government had announced the interests will be pardoned, it has not been done as of yet. The President further said that his Administration will not make promises and start projects only ahead of elections but will constantly work towards the development of the nation.

President Dr. Muizzu said that his Administration's top priority is to ease the burdens on the residents. He added that the Administration will not print money to pay off loans but to increase the state revenue.