The Minister of Finance and Public Enterprises Hassan Zareer said that MVR 600 million fund has been established as a means to provide loans to those who want to start their own business after voluntarily retiring from a state-owned enterprise under the "right-sizing" plan to financially strengthen SOEs.

According to the minister, the "Kumevi Fund" that has been established by SME Digital is meant to offer a path for people instead of making them redundant at their positions. The Business Center Corporation (BCC) will prepare the necessary business proposal in acquiring loans from the fund, said the minister.

"An MVR 600 million fund has been established in order to facilitate those who want to start their first business and for small businesses. This facility has been introduced by us via SME Digital for those who wish to start their own business after submitting their proposal," said Zareer.

The minister went on to say that the funds in offering the facility have already been amassed by SME Digital, and the purpose is to find ways to generate revenue instead of retaining staff.

“Rather than making them redundant, we want to find options for them. The purpose of the fund is to find a way for them to support themselves instead of being supported,” Zareer said.

The minister said SOEs need to be right-sized to help take the Maldivian economy to greater heights, but Maldivian citizens made redundant must be protected regardless of their political affiliation. A system must also be put in place to ensure those made redundant when a company is right-sized have options, Zareer said.