While there are 23 state-owned enterprises (SOEs), MVR 4 billion from the state’s budget had been spent on these companies as of July, according to statistics provided to the local media through information requests made to the Ministry of Finance.
Most of the spending had been undertaken to reduce the price of goods and services and to provide capital for running the companies, the data showed.
The administration had provided a total of MVR 1.4 billion in capital to 21 companies. The five companies that received the highest capital injections were:
| # | SOE | Capital Injection (in MVR) |
| 1 | Fahi Dhiriulhun Corporation | 380.4 million |
| 2 | Fenaka Corporation | 192 million |
| 3 | Fund Management Corporation | 190 million |
| 4 | Road Development Corporation | 119.6 million |
| 5 | Housing Development Corporation | 85 million |
Other companies which received capital injections include:
- Public Service Media — MVR 82 million
- Regional Airports Company — MVR 60 million
- Maldives Marketing and Public Relations Corporation — MVR 59.4 million
- Waste Management Corporation Limited — MVR 59 million
- Addu International Airport Company — MVR 54.3 million
- Maldives SME Bank — MVR 20 million
- Maldives Post Limited — MVR 10.8 million
- Maldives Integrated Tourism Development Corporation — MVR 9 million
- Business Center Corporation — MVR 8 million
- Kadhdhoo Airport Company — MVR 7.5 million
- Aasandha — MVR 6 million
- TradeNet — MVR 6.3 million
- Maldives Sports Corporation — MVR 3 million
- Hajj Corporation — MVR 3 million
While most of the subsidies allocated in the state budget to reduce the price of fuel, basic food, and services have to be applied through SOEs, MVR 2.8 billion was allocated to fund subsidies during the first seven months of the year, it was revealed.
Companies which received subsidies include:
| # | SOE | Amount (in MVR) | Subsidy |
| 1 | State Trading Organization | 1.2 billion | Fuel and Staples |
| 2 | Fenaka | 597 million | Power |
| 3 | Housing Development Corporation | 433 million | Rent |
| 4 | Maldives Industrial Fisheries Company | 273 million | Fisheries |
| 5 | Maldives Transport and Contracting Company | 143 million | Transport |
| 6 | Stelco Electricity | 90.5 million | Power |
| 7 | Waste Management Corporation Limited | 18.2 million | Waste Disposal |
A Ministry official confirmed that the expenditure incurred by the companies is a huge strain on the budget and proves to be an added burden on the already weakened financial situation.
“Companies are going to spend a lot of money. The leakage is very big. Therefore, the administration is taking steps to reduce the cost incurred through companies,” the official was quoted as saying.
The administration has already liquidated some companies while merging others with a view to cutting costs.
