Minister of Finance Ibrahim Ameer revealed plans to form a state-owned company tasked with managing marine transport and establish an island transport network.
Speaking at the parliament's budget committee meeting, the minister revealed that a budget of MVR 150 million was allocated for the purpose.
A total of MVR 60 million is allocated in the 2020 State Budget for newly formed state-owned companies. The recently created Road Development Corporation is also covered under the budget.
Minister Ameer stated that most state-owned companies, including service providers and sellers, were inefficiently managed and failed to bring in any profit for the government.
He further added that the government's aim was to shift key responsibilities away from the private sector and encourage state-owned companies to prioritise such factors.
In 2019, only 11 out of 23 state-owned companies paid dividends to the government.