Government of the Maldives has written off all the loans given to the victims of the 2004 Tsunami. Bank of Maldives and the government issued loans to individuals to overcome the losses after the Tsunami.
Out of the 30.4 million Rufiyaa owed by the people to the bank, the government paid off 15.2 million Rufiyaa. A total of 455 loans remain unpaid.
According to the president’s office, the government decided to pay off these loans because the individuals who borrowed these loans had difficulties in paying the loans. After the government paid off 50% of the loans, the bank wrote off the remaining 50%.
Hence, now there will not be a single loan which haven’t been paid.
