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BML writes off tsunami loans

Nafaahath Ibrahim
03 April 2019, MVT 21:10
The aftermath of the 2004 Indian Ocean Tsunami in Th.Vilufushi. FILE PHOTO/MIHAARU
Nafaahath Ibrahim
03 April 2019, MVT 21:10

Bank of Maldives (BML), on Wednesday, waived off 50 percent or MVR 15.2 million from 455 loans taken by citizens in the aftermath of the 2004 Boxing Day Tsunami.

The government repaid the remaining 50 percent of the pending MVR 30.4 million in accordance with President Ibrahim Mohamed Solih's pre-electoral pledge to settle loans taken for tsunami relief.

According to BML, the waiver of MVR 15.2 million settled all loans the bank had given concerning the tsunami.

Additionally, Maldives National Chamber of Commerce and Industries (MNCCI) and Maldives Association for Tourism Industry (MATI) collectively waived off MVR 9.49 million that remained pending on loans given to individuals following the tsunami. This represents the forgiveness of 144 loans.

The tsunami struck Maldives on December 26, 2014, causing wide-ranging damages to 190 of the then 199 inhabited islands. A total of 82 deaths are recorded while 26 people went missing and more than 15,000 displaced individuals had to be housed in temporary shelters.