MP Ibrahim Naseem Addresses Debt Crisis and SOE Practices

In today’s parliamentary debate on a resolution advocating for fair elections, Thulusdhoo MP Ibrahim Naseem shed light on the mounting debt crisis plaguing both the state and state-owned enterprises (SOEs) in the Maldives.

MP Ibrahim Naseem stressed that the state’s debt isn’t confined to the central government alone but extends to the SOEs.

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He noted that the SOE committee of the parliament had attempted to investigate a corruption case within FENAKA in 2019. 

Furthermore, MP Ibrahim Naseem expressed apprehension about the prevailing state of insecurity, attributing it to certain government-owned companies. He indicated that these companies may be contributing to the economic and political instability in the country.

One point of contention raised by Ibrahim Naseem was the increase in government jobs within these state-owned enterprises. He argued that this unusual rise in government employment may be exerting additional pressure on the already strained financial resources.

Highlighting an example, he pointed out that FENAKA, a government-owned company, had expanded its workforce to accommodate new responsibilities, particularly in the provision of water and sewerage services. However, the scale of this expansion has raised questions about the sustainability of such employment practices.