The government has waived interest on loans granted during the Covid-19 pandemic.

President Dr. Mohamed Muizzu announced this while speaking to residents of Fonadhoo island of Laamu atoll, as part of his recent tour across the atoll which he commenced on Thursday morning.

Taking the podium at the event, Muizzu stated that the government has decided to waive interest on loans provided during the pandemic, through SME Development Finance Corporation Private Limited (SDFC) and HDFC.

Speaking to the island residents, the president noted that individuals can apply for the interest waiver after government institutions and state offices resume services, after Eid-Al-Fitr holidays.

Shedding light on the challenges facing people in repaying loan interest due to the pandemic, the president noted that this measure aims to provide further relief to the public.

The president went on to shed light on plans for Fonadhoo’s development and expressed commitment to fulfil all the pledges he has made for the island’s progress, as well as the atoll and the entire nation.

President Muizzu stated that Fonadhoo will be developed as one of the urban centers identified across seven regions of the Maldives.

He also revealed that housing initiatives would receive the utmost priority during this development, with further land reclamation and a significant housing project planned for the island.

The president also shed light on initiatives aimed at enhancing the atoll’s prosperity.

Muizzu went on to share plans to develop tourism with various concepts near the islands across different sectors of Laamu Atoll.