Wednesday 24th Jul 2024
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Dr.Muizzu

Government Companies Require Additional Funds to Stay Functional in the Next Two Months: Firzul

Amidst a backdrop of mounting financial challenges, Mohamed Firzul, the interim government spokesman, has laid bare the liquidity constraints grappling the government-run companies in the Maldives. With current funds proving to be inadequate, these entities are poised on the precipice of a financial quagmire and desperately seek a monetary lifeline to sustain operations for the forthcoming two months.
During his detailed press briefing, Firzul touched upon various issues, indicating that the conundrum is not solely restricted to financial aspects. Echoing the sentiments of the Dhivehi Bahuge Academy (National Language Centre) , he highlighted that the interplay of politics is undeniably hindering the full potential of their operation. The academy has also lamented about inadequate budget allocation, dwindling resources, and a shortage of skilled personnel.
In an effort to elucidate the profound challenges faced by State-Owned Enterprises (SOEs) under the interim administration, Firzul stated “We have noticed that multiple SOEs who are working on delivering government commitments or executing projects did not get their due financial return from the government, thus facing a very difficult cash flow restriction."
Addressing the future course of action amid these turbulent economic times, Firzul expressed, "Given the prevailing pecuniary hardships confronting companies, a substantial monetary infusion is anticipated to rejuvenate the cash flow in the imminent two months."