About 500 businesses expecting bankruptcy while another 1,200 businesses expect a decrease in revenue by 75 percent - Faiyaz Koya

About 500 businesses are expecting bankruptcy if the effects of COVID-19 continues for up to another 6 months while another 1,200 businesses have stated that they expect a decrease in revenue by 75 percent.

Minister for Trade and Commerce, Faiyaz Koya says these figures are from the Business Survey that the Ministry has conducted in partnership with the International Finance Corporation.

Koya says prior to the COVID-19 pandemic, 71 percent of businesses in the country stated that their businesses are stable and thriving.

He says the government understands the economic crisis that has been brought in by the COVID-19 pandemic and has affected businesses and in order to better understand how it is impacting businesses, they partnered with the International Finance Corporation to conduct a survey.

When questioned by National Federation Party Leader, Biman Prasad on whether these figures have been made public, Koya says these are preliminary figures and it is public.