Maldives Water and Sewerage Company (MWSC) is working to increase revenue in US dollars to meet its annual foreign exchange requirements. The company requires about USD 25 million each year to pay for imported goods and diesel, and has faced challenges over the past three decades due to limited access to dollar earnings.

According to MWSC’s management, efforts are underway to secure sustainable dollar income streams, with results expected to materialise within the year. The company is focusing on two main areas to achieve this.

MWSC said the company is exploring arrangements with tourist facilities, which already earn in dollars, to allow them to make payments in the same currency. This initiative, currently under study, is expected to provide much-needed relief even if the contributions are relatively small.

Additionally, MWSC is collaborating with Maldives Tourism Development Corporation (MTDC) on projects within the tourism sector. The company has already started work at Nagoshi resort, which is being developed by MTDC, and is assessing opportunities for further involvement.

MWSC noted that it has the expertise to take on such projects, as it has long been engaged in planning, design, and implementation of water and sewerage systems in various parts of the country. The company believes this diversification into the tourism sector could provide a lasting solution to its dollar revenue challenges.