Minister Announces SOE Reform Programme

Maldives Minister of Finance, Dr Mohamed Shafeeq, has announced a reform programme to address the operations of state-owned enterprises (SOEs). 

Highlighting that the SOE-related bill proposed by the ministry has been approved by Parliament, Shafeeq disclosed that groundwork for the launch of the programme has been completed, with thorough preparations and research in place. 

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Additionally, efforts are being directed towards crafting a reform strategy focused on enhancing government policies related to subsidies. 

Concerns over excessive expenses within the current Aasandha scheme have prompted a drive towards finding sustainable solutions.

Shafeeq emphasized prudent fiscal management, stressing the need to optimize government revenue while reducing unnecessary expenditures. 

The announcement comes amid concerns regarding SOEs’ exorbitant expenses, which have led to a loss of profit. 

Moreover, managing companies outside the Corporate Governance policies has become a significant issue over the past few years. In addition, reports of corrupt practices and several other problems related to SOEs have surfaced recently.