Banks are writing off debts to a tune of about $100 million – AG

Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum has today revealed that they know banks have made a provisioning of over $100 million which means they are writing off debts to a tune of about $100 million.

While speaking during a consultation for the revised 2021-2022 National Budget at Savusavu Hot Spring Hotel, Sayed-Khaiyum says this maybe because there are some people for example who worked at the hotel and may have had a personal loan of $2000 and have not worked for the past two years.

Sayed-Khaiyum says the banks know that they can’t get that money back, so they essentially have written off those loans.

The AG adds despite facing economic challenges, there is financial stability.

Sayed-Khaiyum will deliver the revised budget at 7.30pm next Thursday.