Outstanding Treasury Loans Exceed MVR 3.7 Billion, Says Report

The Auditor General's Office reported that outstanding Treasury loans have exceeded MVR 3.7 billion, with defaulters increasing year on year. As of August last year, MVR 2.9 billion was disbursed to state-owned enterprises (SOEs), cooperative societies, and the public. The largest defaulters are the Army's Cooperative Society (SIFCO) and Police's Cooperative Society (POLCO), together owing MVR 2.1 billion. Other SOEs with outstanding loans include HDC, STO, MACL, PSM, Fenaka Corporation, RDC, MITDC, MIFCO, and the defunct MRDC. Loans to the public include two schemes from the Fisheries Ministry, the Atoll Electrification Project, and two individual loans. The report noted that exact arrears amounts for cooperative societies and individuals could not be confirmed from Ministry of Finance records.

The Auditor General's Office reported that outstanding Treasury loans have exceeded MVR 3.7 billion, with defaulters increasing year on year. As of August last year, MVR 2.9 billion was disbursed to state-owned enterprises (SOEs), cooperative societies, and the public. The largest defaulters are the Army's Cooperative Society (SIFCO) and Police's Cooperative Society (POLCO), together owing MVR 2.1 billion. Other SOEs with outstanding loans include HDC, STO, MACL, PSM, Fenaka Corporation, RDC, MITDC, MIFCO, and the defunct MRDC. Loans to the public include two schemes from the Fisheries Ministry, the Atoll Electrification Project, and two individual loans. The report noted that exact arrears amounts for cooperative societies and individuals could not be confirmed from Ministry of Finance records.

The Auditor General's Office reported that outstanding Treasury loans have exceeded MVR 3.7 billion, with defaulters increasing year on year. As of August last year, MVR 2.9 billion was disbursed to state-owned enterprises (SOEs), cooperative societies, and the public. The largest defaulters are the Army's Cooperative Society (SIFCO) and Police's Cooperative Society (POLCO), together owing MVR 2.1 billion. Other SOEs with outstanding loans include HDC, STO, MACL, PSM, Fenaka Corporation, RDC, MITDC, MIFCO, and the defunct MRDC. Loans to the public include two schemes from the Fisheries Ministry, the Atoll Electrification Project, and two individual loans. The report noted that exact arrears amounts for cooperative societies and individuals could not be confirmed from Ministry of Finance records.

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