Businesses suffered $25 million in damages due to TC Yasa - Koya

A business impact survey post-TC Yasa has revealed that businesses suffered an estimate of more than $25 million in losses and damages.

This was highlighted by the Minister for Commerce and Trade, Faiyaz Koya in parliament who says this is based on the preliminary results from more than 1,500 respondents.

Koya also highlighted close to $30 million has been loaned to Micro Small and Medium Enterprises.

He says that’s $30 million direct cash injection into the economy and it is a positive and remarkable achievement.

Koya adds from the 9,000 plus loan applications received, approximately 98% have been assessed.

He says this is a loan and this money will need to be repaid after the grace period of 1 year adding that they expect that these MSMEs will honour this arrangement.