Spokesperson for President-elect Dr Mohamed Muizzu, Mohamed Firuzul Abdulla Khaleel, said the incoming administration will strengthen state-owned companies without further privatisation, highlighting financial problems at WAMCO and Fenaka. WAMCO has not been audited since 2020 and owes MVR 226 million, while Fenaka's debt reached MVR 4.1 billion in 2022 with staff rising from 2,756 in 2018 to 8,126.
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the intent of revealing these financial challenges is to inform the public and set the stage for reform, not to place blame
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The Waste Management Corporation (WAMCO) was spotlighted for its lack of a financial audit since 2020, and is suffering from growing financial instability, with a total debt reaching MVR 226 million.
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The company's total debt soared to MVR 4.1 billion in 2022
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a marked rise in staffing levels — from 2,756 employees in 2018 to 8,126 currently — not leading to the expected increase in efficiency.
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from 2,756 employees in 2018 to 8,126 currently
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The high debt is partly attributed to deficit budgets, with the latest approved deficit of MVR 960 million lacking clear policies for financing.
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The Waste Management Corporation (WAMCO) was spotlighted for its lack of a financial audit since 2020
Word for word from the report in Maldives Republic. Open the report
