The Minister of Finance and Public Enterprises, Moosa Zameer has stated that the government is working to distribute over USD 45.28 million to own businesses, in a bid to increase job opportunities. The government will be providing financial assistance via SME Digital.
Speaking at a press conference held at the President’s Office, Finance Minister Moosa Zameer stated that funds have been allocated to provide opportunities in the economic sector, particularly for those affected by layoffs and budget cuts for companies. President has instructed for the distribution of USD 16.17 million from the SME Digital Fund to be expedited, he informed.
“As the government is looking to lay off workers from State-Owned Enterprises (SOEs), work is being done to facilitate economic engagement for such individuals. In addition to USD 16.17 million, work is being done to distribute USD 29.11 million via SME Digital in the upcoming three to six months. We are working with the relevant authorities to deliver these funds.” Moosa Zameer stated.
The Ministry of Finance and Public Enterprises has provided instructions to the Privatisation and Corporatisation Board (PCB) to further enhance management and assure long-term financial stability for companies. Thus, they have urged companies to layoff 33 percent of employees to reduce government spending.
The Ministry has also directed companies to strengthen the merit-based hiring scheme, which involves selecting individuals according to their educational level, skills and capabilities. The instructions serve as a guide for companies to hire a more competent workforce and carry out work more efficiently.
These measures are necessary steps taken to shape companies in line with government financial regulations, the Finance Ministry has noted. Furthermore, companies have also been urged to control salaries and allowances, minimise hiring new staff and providing promotions, as well as reduce overtime work and travel costs.