At the SEO Committee of the parliament, PCB announced that it has decided on the SOEs to be dissolved and merged.
Privatisation and Corporatisation Board (PCB) of Maldives announced today that it has decided on the actions to be taken about state owned enterprises (SOE) which are being operated under a loss, as part of the SOE reform efforts currently underway.
Speaking at the SOE Committee of the parliament, PCB's Secretary General Ahmed Yameen said that a standard operating procedure (SOP) has been formulated to deal with unprofitable companies. Information about this has already been shared with relevant agencies as well, he added.
He detailed that while actions to be taken have been determined, some companies will be merged together, while others will be liquidated.
"Which companies will be dissolved, which companies will be merged. The board has prepared a list, endorsed it, and forwarded it to relevant agencies of the government," he said.
Although these companies have been decided, PCB has not yet announced the names of the organisations to the public.
Yameen also said that the Board is now in the process of formulating important policies concerning the operations of SOEs and that they are also establishing a system to monitor the performance of the companies.
While PCB moves forward with its action plan for unprofitable companies, Finance Minister Dr. Mohamed Shafeeq announced last week that an assessment of all SOEs would be completed within two weeks and that the findings would be forwarded to the Economic Council, after which cost cutting measures would follow.
He also highlighted that the government has to spend millions each month on running SOEs, warning that action would be taken to reduce costs.
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