Parliament's SOE Sub-committee meeting held today to disclose the loans of Regional Airports Company Limited (RACL) has been held closed.
Parliament's SOE Sub-committee meeting held today to disclose the loans of Regional Airports Company Limited (RACL) has been held closed.
Dhuvaafaru MP Mohamed Ali, South Feydhoo MP Ibrahim Didi, Kimbidhoo MP Ali Ashraq and Maavah MP Ahmed Shakir sit on this sub-committee.
The committee also previously held closed its meeting on the financial situation of Island Aviation. The sub-committee oversees SOEs related to harbours, airports and airlines.
On today's agenda is sharing plans to improve the financial situation of RACL and details of its current debts.
RACL is an SOE run through major support from the State budget. Last year, the company faced losses of MVR 95 million. The first quarter of this year also saw the company gather an MVR 24 million loss.
In the first quarter of this year, MVR 25 million from the budget was allocated for RACL as capital injection. Last year as well, a capital injection of MVR 113 million was provided to ensure the company's operation.
The government has now decided to transfer RACL under the care of MACL in a bid to improve its management.
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