Minister of Finance Dr. Mohamed Shafeeq has announced plans to initiate a specialised corporate reform programme in response to concerns about the mismanagement of state-owned enterprises (SOEs).
In an exclusive interview with PSM News, Dr. Shafeeq emphasised the need for responsible governance within SOEs, noting that many are struggling to balance their expenditures with revenues.
Additionally, Minister Shafeeq highlighted the importance of strengthening SOEs, as only a few are generating substantial revenue for the state or serving the public effectively. He underscored the necessity for significant changes in the subsidy system and emphasised the importance of prudent spending and reducing overall expenditure. As part of this initiative, he emphasised the reform of the Aasandha system to ensure sustainability.
Furthermore, Minister Shafeeq expressed determination to implement reforms promptly, contrasting previous governments' reluctance with President Dr. Mohamed Muizzu's proactive stance. He affirmed the President's commitment to reforming companies and finance without delay.
Earlier this year, President Dr. Muizzu unveiled policies aimed at transforming SOEs into profitable entities independent of state funding. The government aims to enhance corporate management and establish clear criteria for subsidies and capital allocation.