Fahmy welcomes government’s SOE reform decisions

Maldives Water and Sewerage Company (MWSC) Managing Director Hussain Fahmy has welcomed President Dr Mohamed Muizzu’s decisions to reform state-owned enterprises, describing them as a crucial step towards establishing an efficient, robust and financially sustainable public service sector.

In a post on X on Tuesday, Fahmy said consolidating operations, eliminating unnecessary expenditure, strengthening corporate governance and reinforcing strategic national ownership would enable SOEs to focus on their core responsibilities.

“These decisions will enhance transparency and accountability, ensuring the delivery of the best possible services to the Maldivian people,” Fahmy said.

“Meaningful reforms can only be achieved by making tough decisions and committing to their implementation. This is a reform initiative driven by a clear purpose,” he added.

President Muizzu announced on Monday that Fenaka Corporation would be dissolved and its utility services integrated into State Electric Company Limited (STELCO). The government said the restructuring is intended to improve operational efficiency, reduce duplication and eliminate unnecessary expenditure.

Speaking at a press briefing at the President’s Office, the President said the decision followed consultations and efforts to reform Fenaka’s operations. He said expert assessments had determined that the company was no longer financially sustainable.

The restructuring forms part of a broader government initiative to reform SOEs, strengthen corporate governance and improve the cost-effectiveness of public services.