Minister of Finance Ibrahim Ameer has said Maldives Transport and Contracting Company (MTCC) had a debt of USD 6.48 million when President Ibrahim Mohamed Solih assumed office one year ago.
Minister Ameer said the negligence of the previous administration declined the financial capacity of state-owned enterprises (SOEs), adding the projects were not awarded in accordance with the Public Finance Act. Ameer said the current administration had worked to better all SOEs. He further said the most profitable SOEs were in financial crisis, highlighting MTCC also had a weighty USD 6.48 million in debts.
The finance minister said various projects have been awarded to MTCC in an attempt to improve the situation of the company. He said the aim of the administration is for MTCC to make profits and be self-sustainable in a period of two years and operate without significant dues.
Finance Minister Ameer said the attempts to strengthen the governance of the company includes more internal controls in procurement, revising the corporate governance code and being more transparent in its operations.