President Dr Mohamed Muizzu has said the Government will work to ease repayment arrangements for individuals who have taken bank loans to finance flat renovation projects.

Speaking at a meeting with residents of Hulhumalé Phase II on Thursday night, the President said discussions would be held with Maldives Islamic Bank (MIB) to facilitate more flexible arrangements for those facing financial strain due to housing-related loans.

The President noted that the handover of Hiyaa flats in Hulhumalé Phase II by the previous administration took place at a late stage, resulting in residents having to incur significant additional costs to move into the flats.

Residents shared their concerns and financial difficulties during the meeting, prompting the President to reiterate a pledge made during the election campaign to provide financial relief to affected households. He recalled the Government’s decision to grant a one-time relief of MVR 200,000 from the rent of Hiyaa flats as compensation for losses incurred by residents.

President Dr Muizzu assured residents that the decision would be implemented and that eligible individuals would receive the promised relief. He added that the Government remains committed to addressing housing-related financial challenges and working with relevant financial institutions to support residents impacted by the costs associated with flat projects.