MVR 1 billion from state budget on govt companies in Q1 2024
This includes MVR 443 million per month in the first quarter of this year
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MVR 1.33 billion has been spent from the national budget on government companies in the first three months of this year, according to data released by the Privatisation and Corporatisation Board (PCB).
According to the PCB's State Owned Enterprises (SOE) report for the first quarter of this year, MVR 1.33 billion has been released from the budget to government companies in the first three months of this year. However, in the same quarter last year, the government disbursed MVR 1.34 billion to companies, including:
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MVR 12 million or 1% lower
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MVR 443 million per month in the first quarter of this year
According to the report, the largest amount of money has been paid to government companies in the form of subsidies. The next largest amount of money has been paid in the form of capital and grants. They include:
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Subsidies - MVR 1.2 billion; Increase of 2%
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Capital - MVR 164.9 million; Increase of 9%
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Grant - MVR 60.5 million; Increase of 3%
According to PCB figures, most funds in the first quarter of the year were spent on HDC, which manages Hulhumale. The budget has allocated MVR 484.8 million to the company. Of this, MVR 84.8 million was allocated for operating expenses.
The next largest budget allocations were:
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STO - MVR 359.33 million; for staple food and oil subsidies
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Fenaka - MVR 249.9 million; subsidies for electricity bills
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MMPRC - MVR 38.55 million; to promote Maldives
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SDFC - MVR 30 million
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Fund Management Corporation - MVR 28.13 million; for operating expenses
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Regional Airports - MVR 24.90 million; for operating expenses
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Addu Airport - MVR 22.67 million; for operating expenses
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PSM - MVR 21.9 million; as a grant
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MVR17.2 million to WAMCO; for subsidies and operating expenses
In addition, MVR 19.4 million has been allocated to the post office, BCC, TradeNet and Fahi Dhiriulhun Corporation.
More than 3% of the government's MVR 50 billion budget for this year has been allocated for companoes. In addition to that amount, billions of Rufiyaa have to be paid to companies every year.
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