AGP Executive Report
Last update: 7 hours agoState Finances: Subsidy spending has exceeded the annual budget by MVR 1.37 billion, reaching MVR 4.26 billion by October 8. Foreign Currency: Official reserves fell 14.9% in September to USD 547 million, while usable reserves dropped to USD 169.8 million. Opposition leader Mohamed Nasheed says businesses are struggling to import goods and make overseas payments; the claim comes amid persistent dollar shortages. State Companies: STELCO chief Ali Azwar is now acting head of Fenaka as the government advances plans to merge it with STELCO. MTCC chief Ahmed Saudee has similarly taken over RDC, which is set to merge with MTCC. Investment: The opposition is demanding full disclosure of the Eagle Hills agreement for the Rasmale’ project and a public referendum, as the government tightens foreign-investment rules. Banking: Bank of Maldives reported record nine-month profit of MVR 1.93 billion and disbursed MVR 12.1 billion in new loans.
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