Maldives to continue submarine cable; fund $2.92m equity for loan
The decision was reached after thorough discussions on a paper presented by the finance ministry during Sunday's cabinet meeting.
President Mohamed Muizzu has decided to proceed with the Ocean Connect Maldives (OCM) international submarine cable project, led by a subsidiary of the 100% state-owned company, Maldives Fund Management Corporation (MFMC), without any further changes.
The decision was reached after thorough discussions on a paper presented by the finance ministry during Sunday's cabinet meeting.
The cabinet also decided that the government would finance the $2.92 million owed to equity to resume loan disbursements for the project, investing the loan amount to move the project forward.
The president, following the cabinet's recommendation, decided that the Home for People with Special Needs (HPSN) will now operate under the health ministry. This decision came after the cabinet discussed a proposal from the social services ministry during Sunday's cabinet meeting.
The cabinet also decided to disseminate the budget and staff responsible for the establishment's operations to the health ministry.
