Govt, SOEs to clear debts to businesses in 5 weeks, says president
The President said the administration would settle all pending bills dating back before his government took office on 17 November 2023.
President Mohamed Muizzu announced on Thursday that the government and state-owned enterprises will clear outstanding payments owed to Maldivian businesses within the next five weeks.
In a post on X, the President said the administration would settle all pending bills dating back before his government took office on 17 November 2023.
“When we took over the government on 17 November 2023, all bills submitted to the government and government-owned companies, including thousands of outstanding bills to Maldivian businesses, will be paid within the next five weeks,” Muizzu said.
According to the Interim Office, Fenaka Corporation alone owes MVR 3.2 billion to 1,149 suppliers. Similar concerns have been raised about other state-owned companies and government agencies failing to meet payment deadlines, with some cases resulting in Civil Court orders instructing companies to pay suppliers.
Business owners have previously expressed concern over delayed payments, warning that some firms are at risk of closure.
The President described the decision to settle the debts as part of wider efforts to restore economic stability. His remarks come as the opposition prepares for a major rally in Malé on Friday night.
