The Auditor General's Office reported that Treasury loan defaulters are rising year on year, with total outstanding loans reaching MVR 3.7 billion as reported in its audit of the Ministry of Finance's budget position report. Cooperative societies owe the largest share, led by SIFCO and POLCO with a combined MVR 2.1 billion.
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As of August last year, MVR 2.9 billion had been disbursed as treasury loans to state-owned enterprises (SOEs), cooperative societies, and the public.
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However, these loans have not been repaid regularly and the interest rate penalty alone amounts to MVR 3.7 billion, the agency’s data revealed.
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The total outstanding amount of MVR 3.7 billion included; MVR 1.5 billion by SOEs, MVR 2.1 billion by Cooperative Societies, and MVR 82.2 million by the public.
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The total outstanding amount of MVR 3.7 billion included; MVR 1.5 billion by SOEs, MVR 2.1 billion by Cooperative Societies, and MVR 82.2 million by the public.
Word for word from the report in Maldives Republic. Open the report
The total outstanding amount of MVR 3.7 billion included; MVR 1.5 billion by SOEs, MVR 2.1 billion by Cooperative Societies, and MVR 82.2 million by the public.
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The Army’s Cooperative Society (SIFCO) along with the Police’s Cooperative Society (POLCO) has the largest outstanding with a combined total of MVR 2.1 billion owed — this accounts for more than half of the unrecovered outstanding from treasury loans.
Word for word from the report in Maldives Republic. Open the report