MWSC, WAMCO debts exceed MVR 1b; concern over lack of operational plans

The Office of the President-elect on Thursday expressed concern that the total debt of two state-owned utility companies, Male Water and Sewerage Company (MWSC) and Waste management Corporation Limited (WAMCO), has reached more than a billion rufiyaa. According to the information shared by the office, the majority of the MWSC's debt is due to outstanding by the government.

The Office of the President-elect has visited various government agencies and offices to assess the condition of these places. At a press conference in M. Dhimyath Thursday afternoon, transitional spokesperson Mohamed Firzul shared the situation of the utility service companies.

According to information shared by Firzul, the total debt of the state-owned water company MWSC stands at MVR 1.4 billion. These include:

Firzul said 13 of the company's 28 projects have been completed.

He pointed out that most of the projects awarded by the government were being executed on contract-finance basis and due to non-availability of MVR 375 million due from these projects, the company's cash flow was affected and loans taken to meet that portion were also increasing.

Regarding WAMCO, Firzul said the company's total debt stands at MVR 226 million. As such, the company has:

Firzul said the companies' lack of financial and administrative management also increases the cost. He said the way the central government's policies have been shaped has also forced these companies to operate at a loss.

The Office proposes to resolve the problems faced by the companies: