President Dr Mohamed Muizzu has approved a wide-ranging package of concessions to be rolled out over the next two years, positioning small and medium-sized enterprises at the centre of the government’s economic growth strategy.
The decision was announced by Mohamed Saeed, Minister of Economic Development and Trade, during a press briefing at the President’s Office. He said the move follows direct consultations between the President and SME owners, where business challenges were discussed in detail and subsequently reviewed by the Cabinet.
According to Minister Saeed, the two-year period has been deliberately set aside to deliver targeted relief and structural support for small businesses. Measures will include coordinated action with key state institutions such as Maldives Inland Revenue, Customs, ports, and airport authorities to address long-standing operational and regulatory bottlenecks faced by entrepreneurs.
A major pillar of the initiative is financing. The government plans to allocate MVR 500 million in loans for small businesses next year alone. Over the past two years, MVR 349 million has already been disbursed to 595 small businesses across 10 sectors, including dedicated schemes for women-led enterprises, mariculture, fisheries, and tourism.
The administration has also prioritised clearing state dues. The Ministry of Finance has settled MVR 13 billion in outstanding bills during the last two years, with MVR 5 billion paid directly to SMEs, easing cash-flow pressures across the business community.
Foreign currency access has been strengthened through Bank of Maldives, which has expanded US dollar support for telegraphic transfers. SMEs can now access up to 50 percent at the official rate for bills below USD 2,500, 30 percent for bills between USD 2,500 and USD 5,000, and 15 percent for bills above USD 5,000.
On the compliance front, MIRA has conducted outreach visits to 2,291 small businesses in the Malé region to provide tax guidance, while flexible arrangements have been introduced for enterprises with outstanding tax obligations.
Minister Saeed said the President’s directive is designed to deliver tangible relief while creating a stronger, more resilient SME sector. He stressed that focused support for small and medium-sized enterprises remains a continuous priority of the Muizzu administration, as it works to anchor economic growth in local entrepreneurship and inclusive development.
