New Administration Pledges to Address SOE Challenges Without Further Privatisation

Mohamed Firuzul Abdulla Khaleel, spokesperson for President-elect Dr Mohamed Muizzu, confirmed the incoming administration will strengthen state-owned enterprises (SOEs) without further privatisation. At a press conference, he highlighted financial challenges at WAMCO, Fenaka, STELCO, and MWSC. WAMCO has not had a financial audit since 2020 and owes MVR 226 million. Fenaka's debt reached MVR 4.1 billion in 2022, with staff growing from 2,756 to 8,126, yet efficiency did not improve. Fenaka's latest approved deficit is MVR 960 million. The new administration aims to improve corporate governance and clear debts.

Mohamed Firuzul Abdulla Khaleel, spokesperson for President-elect Dr Mohamed Muizzu, confirmed the incoming administration will strengthen state-owned enterprises (SOEs) without further privatisation. At a press conference, he highlighted financial challenges at WAMCO, Fenaka, STELCO, and MWSC. WAMCO has not had a financial audit since 2020 and owes MVR 226 million. Fenaka's debt reached MVR 4.1 billion in 2022, with staff growing from 2,756 to 8,126, yet efficiency did not improve. Fenaka's latest approved deficit is MVR 960 million. The new administration aims to improve corporate governance and clear debts.

Mohamed Firuzul Abdulla Khaleel, spokesperson for President-elect Dr Mohamed Muizzu, confirmed the incoming administration will strengthen state-owned enterprises (SOEs) without further privatisation. At a press conference, he highlighted financial challenges at WAMCO, Fenaka, STELCO, and MWSC. WAMCO has not had a financial audit since 2020 and owes MVR 226 million. Fenaka's debt reached MVR 4.1 billion in 2022, with staff growing from 2,756 to 8,126, yet efficiency did not improve. Fenaka's latest approved deficit is MVR 960 million. The new administration aims to improve corporate governance and clear debts.

This story involves 1 source and may affect public understanding of president-elect muizzu / soe.