Minister Finance and National Planning Moosa Zameer has announced the Maldives aims to pay small businesses within 15 days for goods and services supplied to the state, as part of a broader effort to ease cash-flow pressures on small and medium enterprises (SMEs),
Speaking on a programme aired on PSM News, Moosa Zameer said delays in government payments remain one of the most significant challenges affecting the revenue of SMEs. He said the government’s policy is to develop a permanent solution to the issue while continuing to settle government bills regularly, subject to available cash flow.
“The objective is to make payments to small businesses within 15 days,” the minister said.
The Minister Zameer said substantial efforts were made last year to inject funds into the business sector. According to the minister, the government paid approximately USD 409 million to Maldivian businesses during the year. In comparison, the finance ministry alone paid around USD 97 million to foreign businesses.
He added that about USD 57 million was disbursed to state-owned enterprises to clear so-called “legacy” bills that had remained unpaid for many years, in line with a pledge made by the President. The payments were made after verifying the validity of claims and following advice from the Auditor General, he said.
In addition, the minister said the government has so far paid roughly USD 84 million for goods and services supplied. However, as of the 21st of this year, private businesses in the Maldives are owed nearly around USD 51 million, he noted.
“At the same time, we are also working to reduce the government’s domestic debt,” the minister said. “These are ongoing businesses, and debt will exist. But the President is giving priority to the efficient distribution of wealth,” added the minister.
Looking ahead, the minister said the finance ministry and the Ministry of Economic Development and Trade will work jointly to strengthen SMEs. “This year will be the year of small and medium enterprises,” he said.