While the State guaranteed loans add up to MVR 14 million, Finance Ministry had issued their guarantee to five loans taken by three state owned enterprises last year, Fenaka, HDC and MIFCO.
It has been revealed that the government had guaranteed five loans of with a sum of MVR 750 million taken by five State-Owned Enterprises last year.
In statistics disclosed by the Finance Ministry yesterday, it was found that the largest sum guaranteed by the State was a loan of MVR 400 million issued to Fenaka. This amount that was split into two loans was taken with an aim to stabilize the company’s cash flow due to its severe debt. Similarly, HDC had also taken two loans that totaled MVR 200 million, becoming the company that extracted the second highest amount of loans.
Additionally, MIFCO had taken a loan of MVR 150 million from Habib Bank to develop and upgrade their facilities at three locations; Kooddoo, Funadhoo and Thinadhoo.
Excluding the loan withdrawn by MIFCO, all four loans of Fenaka and HDC were issued by Maldives Islamic Bank (MIB).
State guaranteed loans add up to MVR 14 million. In 2023 alone, Finance Ministry had issued their guarantee to five loans taken by state owned enterprises.
During the last five years, the government had issued their guarantee to 14 loans taken by SEOs, concluding a total of MVR 12 billion guaranteed by the government. Among this, the largest amount approved was the USD 127 million loan (MVR 3.5 billion) issued by India’s Exim Bank to Fahi Dhiriulhun Corporation (FDC).
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