Managing Director of the State Trading Organization (STO), Adam Azim has stated that the current government was handed over power at a time when the Maldivian state was facing huge financial troubles.
Adam Azim made this remark at the ceremony held to sign an agreement with Maldives Association for Construction Industry (MACI) to provide them with the construction equipment required by the company, in an attempt to solve the difficulties in importing and purchasing such equipment.
Adam Azim noted that the construction companies of Maldives are near bankruptcy because of the financial difficulties. He said that all companies have experienced cash flow problems and the government was handed over power in such a situation.
He said that with STO last year making a profit of about MVR 11 million per month while it has increased to about MVR 45 million, STO is now in a stable situation to assist other companies.
Meanwhile, MACI was established by the government to create a structured industry. This industry has experienced dynamic changes in the recent past. These changes reflect the aspirations of the private sector to promote the construction industry as a properly regulated industry, and the Government's efforts, to promote and regulate the growth of the construction industry.
Current govt was handed over power at a time when state was facing financial troubles- Adam Azim
