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Finance Ministry seeks three experts to reform SOEs

Finance Ministry has announced that it is seeking three experts in order to reform State Owned Enterprises while resolving problems surfaced within these companies.

Aishath Shuba Solih
01 March 2024, MVT 11:08
The Ministry of Finance in the capital city of Male' -- Photo: Mihaaru News
Aishath Shuba Solih
01 March 2024, MVT 11:08

Ministry of Finance has released an announcement on Thursday seeking expressions of interest from industry experts in order to reform State-Owned Enterprises (SOEs).

The Ministry’s website has published this announcement in pursuit of an International SOE Reform Expert and an Economic Reform Communications Strategist from overseas in order to resolve the problems surfaced within the companies.

The Ministry is also looking for an Associate Social Protection Economist locally.

In collaboration with the World Bank, Finance Ministry has launched a project named “Maldives Competitive and Growth Project” in order to rectify the economical difficulties faced by State-Owned Companies. This project that spans across five years highlights the settlement of financial challenges faced by SOEs alongside facilitation of opportunities for small and medium enterprises as well as increased participation within the private sector.

The announcement made by the Ministry today implores interested candidates to request an Expression of Interest to the Ministry.

SOEs are primarily involved in progressing economic activities in the country. These companies presently have over 15,000 staff employed within their facilities.

The problem of SOEs' exorbitant expenses that has resulted in a loss of profit as well as managing companies outside the Corporate Governance policies are concerns that have significantly increased over the preceding years. Additionally, conduct that facilitates corruption alongside many additional problems have also surfaced in relation to SOEs over the last few years.

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