During his visit to Gaafu Dhaalu Atoll, President Dr. Mohamed Muizzu announced today that the government has commenced the disbursement of over 500 million rufiyaa owed to private companies for completed work. Addressing the residents of Hoandehdhoo, the President emphasized efforts to avert national debt while maintaining currency value and avoiding the printing of money, all while honoring financial commitments to citizens.
The President underscored the administration’s commitment to repaying foreign debts and advancing national development. He confirmed that this week, the Ministry of Finance has started distributing over 500 million rufiyaa to various Maldivian companies for government-contracted work.
“This allocation pertains to projects commissioned by the government, with ongoing disbursements continuing to support small and medium enterprises,” he stated, noting similar actions in recent months.
Furthermore, President Muizzu highlighted initiatives aimed at settling debts owed to state-owned enterprises before Ramadan.
“In January and February, significant amounts remained unpaid to private companies by Fenaka, RDC, MTCC, and WAMCO—entities contracted during the previous administration. This situation arose from substantial mismanagement,” he explained.
“We are striving to clear a considerable portion of these debts within these two months, targeting completion by January and February,” he added.
It is significant that some state-owned enterprises are currently incurring losses. Companies like Fenaka and HDC face substantial debt burdens and have experienced numerous corruption scandals. Additionally, many small and medium-sized businesses owned by ordinary citizens encounter persistent payment delays from the state. Due to these delayed payments for completed work, numerous small businesses have suffered financial setbacks, with some even being forced to close down.
