The Privatisation and Corporatisation Board (PCB) of Maldives has announced steps towards restructuring state-owned enterprises (SOEs) operating at a loss, as part of ongoing reform efforts.
Addressing the parliament’s SOE Committee, PCB’s Secretary General Ahmed Yameen outlined that a standard operating procedure (SOP) has been devised to address the financial challenges of unprofitable companies. Yameen informed that relevant agencies have been briefed on these procedures.
Yameen said that PCB have identified specific actions, including mergers and liquidations, The board has finalised and submitted a list of companies earmarked for dissolution or merger to government agencies, he said
It’s unclear which of the state-owned companies will be restructured during this process,
Yameen further disclosed that PCB is actively formulating policies to regulate SOE operations and implementing a performance monitoring system.
Meanwhile, Finance Minister Dr. Mohamed Shafeeq recently announced plans to complete a comprehensive assessment of all SOEs within two weeks. The findings will be presented to the Economic Council, paving the way for cost-cutting measures.
Dr. Shafeeq emphasised the significant monthly expenditure incurred by the government to sustain SOEs, underscoring the need for decisive action to reduce costs.
