Wednesday 22 Jul 2026
The three board members appointed to SOE's: (L-R) MIFCO, MFMC, BCC, July 22, 2026. (Photo/Privatization and Corporatization Board)
The Privatization and Corporatization Board (PCB) has appointed members to the boards of three state-owned companies.
The three companies are Business Centre Corporation (BCC), Maldives Fund Management Corporation Limited (MFMC) and Maldives Industrial Fisheries Company (MIFCO).
The PCB has appointed Fathimath Ghaziya Fathuhee from S. Feydhoo as a board member of MIFCO. Hussain Abdul-Wahid of H.A. Thakandhoo has been appointed to the board of MFMC, while Eenas Naseer from S. Hithadhoo has been appointed as a board member of BCC.
The appointments come after the PCB ordered government-owned companies in April to reduce their staff numbers by 33 percent and instructed all SOEs to complete the work within three months.
މޯލްޑިވްސް ފަންޑް މެނޭޖްމަންޓް ކޯޕަރޭޝަން ލިމިޓެޑްގެ ޑިރެކްޓަރުންގެ ބޯޑުގެ މެމްބަރުކަމުގެ މަޤާމަށް، ހއ.ތަކަންދޫ، ރަތްވިލާގެ، ޙުސައިން ޢަބްދުލްވާޙިދު ވަނީ އައްޔަނުކޮށްފައި pic.twitter.com/D7mYPf5Ac2
— Privatization & Corporatization Board (@pcb_gov) July 22, 2026
With a population of about 400,000, the country employs more than 30,000 civil servants. According to data shared by the Finance Ministry in April, the number of employees in state-owned companies stood at about 42,000.
Government companies are cutting staff as part of the administration’s measures to reduce public spending in this debt-ridden country.
