Pres. affirms commitment to facilitate USD at bank rate for students on loan schemes

President Dr. Mohamed Muizzu, on Thursday, has reiterated his administration’s commitment to addressing difficulties faced by students studying under government loan schemes in obtaining US dollars at the official bank rate. 

He made the remark while speaking during the third episode of the President’s Office’s podcast, ‘Rayyithunaa Eku’.

Speaking during the podcast, President Muizzu said 1,600 Maldivian students are studying abroad under the government loan scheme. Noting he has consistently met with Maldivian students abroad during his overseas trips, the President cited ongoing challenges in acquiring US dollars at the bank rate as a common concern raised by students under the government’s loan schemes during these meetings.

As such, he said he has instructed Finance Minister Moosa Zameer to develop a practical solution to address these difficulties. According to the President, this work is already underway and is proceeding with the consultation of central bank, Maldives Monetary Authority (MMA)’s governor.

He assured that students studying abroad under government loan schemes will be facilitated access to US dollars at the bank rate. However, he stressed that any measures introduced would be carefully crafted to prevent negative effects on the local market. The President also emphasized that the allocated funds must be used in the country where the student is pursuing their studies.

The government is placing strong emphasis on supporting students pursuing higher education overseas through a combination of loan schemes and scholarship programs.