Saturday, May 16, 2009

World Bank to grant US$3.8 million loan to develop pension, social security program

The World Bank has agreed to loan US$3.8 million (Rf48.8 million) to Maldives to develop its pension program and social security system.

According to the Bank’s website, the loan, which has a 10-year grace period, should be repaid in 40 years.

“The introduction of a new pension scheme will provide a degree of income protection for the elderly and is a much-needed progressive step or the Maldives as at present, the majority of workers do not participate in a pension scheme of any kind,” said Naoko Ishii, World Bank Country Director for Sri Lanka and the Maldives.

He further said that the World Bank’s loan would help kickstart and lay the foundation for the country’s social protection program.

The loan was approved on Tuesday, just a day before President Mohamed Nasheed ratified the pensions bill which was approved by the People’s Majlis on 29 April.
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