Govt spends MVR 724 million to establish 3 new companies
The budget shows that allocations for government-owned enterprises are expected to reach MVR 3.3 billion next year.
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The government has spent MVR 724 million in capital to establish three new state-owned companies, according to figures in the proposed 2026 state budget submitted to Parliament.
The budget shows that allocations for government-owned enterprises are expected to reach MVR 3.3 billion next year. The increase is mainly due to higher capital and operational expenses for newly established entities.
The new companies receiving capital funding are:
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Fisheries and Ocean Resources Marketing Company, created to promote fisheries development.
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Infrastructure Development Solutions, established for structural and construction-related work.
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State Pharmaceutical Company, formed to import medicines.
A total of MVR 724.4 million has been allocated for these three companies.
The budget also notes increased payments to Waste Management Corporation (WAMCO) and Maldives Integrated Tourism Development Company (MITDC) during the current fiscal year.
While MVR 378.3 million had been budgeted for government companies this year, actual expenditure as of October stood at MVR 1.5 billion — exceeding the allocation by MVR 1.1 billion. This marks an increase of MVR 183.5 million compared with the previous year.
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