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News 100 million MVR loan facility to be arranged for fish exporters

The government has decided on arranging a 100 million loan facility for fish expoters

The government of Maldives has decided to provide a loan facility of USD 6.5 million to overcome the difficulties faced in longline fishing during the COVID-19 pandemic.

Ministry of Fisheries, Marine Resources and Agriculture stated the loan facility is provided to support the financial needs of fish exporting companies and to ease the loan repayment for building fishing vessels and buying engines for the vessels. The ministry also stated work is in progress to ease any difficulties faced in fisheries and to ensure the industry does not come to a halt.

Providing the loan facility for Yellowfin Tuna and handline fishing was finalised after a discussion conducted by the fisheries ministry and Ministry of Economic Development. Additionally, the fisheries ministry and the economic ministry conducted a meeting with fish exporting companies and fishermen to discuss ways to improve the issues faced by the industry during the COVID-19 pandemic.

The administration is closely monitoring the economic situation of the country and taking necessary actions to prevent huge losses to the economy during the period of the State of Public Health Emergency declared in Maldives.