The Ministry of Finance has indicated that the government aims to privatize state-owned enterprises to raise MVR 2 billion in three years.
The plan to raise funds through privatizing state enterprises is scheduled to commence in the middle of this year, according to the finance ministry’s Maldives Fiscal Risk Statement 2021.
According to the finance ministry, privatization of government-owned firms would improve service quality while increasing profits. Furthermore, the ministry stated that some businesses would be publicly traded, allowing the general public to purchase shares.
The annual budget for 2021 lists MVR 460 million as revenues to be raised this year as part of the government’s two-year privatization plan.
In last year’s parliamentary budget committee, Finance Minister Ibrahim Ameer stated that the largest profit from state-owned enterprises was registered from companies with shares from private sectors and companies listed publicly. Furthermore, he said that the privatization process would be conducted in complete transparency.