Government to Disburse MVR 200 Million to MSMEs This Week, President Says

President Mohamed Muizzu said the government will disburse MVR 200 million in the ongoing week to Micro, Small and Medium Enterprises (MSMEs) that have undertaken state projects, describing it as a significant payout for the sector.

Speaking at a press conference held today, the President said the amount forms part of outstanding payments owed to MSMEs for work completed under government projects. He added that the government releases payments to MSMEs on a weekly basis as part of efforts to clear the backlog.

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The President’s remarks come as the administration moves to strengthen support for MSMEs through expanded financing mechanisms.

Earlier, the government officially rolled out a new financing product aimed at supporting the expansion of MSMEs nationwide. The Business Expansion Financing scheme is designed to provide financial assistance to enterprises seeking to scale up operations, invest in new assets and diversify their businesses to create additional revenue streams.

Under the scheme, financing can also be used for infrastructure development, including establishing new business outlets. SME Development Finance Corporation (SME Digital) said the product offers collateral-free loans of up to MVR 1 million, while eligible businesses may access financing exceeding MVR 5 million.

Today’s appearance marks the first time President Muizzu has met the press at an official press conference since May last year. In his Presidential Statement delivered on 5 February  at the parliament, he said he would meet journalists every Monday from 10:00 am to 11:00 am, except on days when he is travelling or when public holidays fall. He also announced that Cabinet ministers would begin holding weekly press briefings from March, although no fixed day was specified, adding that he would follow the new schedule starting from the beginning of March.