Author: Mohamed Reehaan
The wholesale and retail trade sector grow strongly during the last two quarters of 2021 and registered notable expansions of trade activity in Q4-2021. According to Maldives Monetary Authority (MMA), the sector observed growth mainly due to the surge of activities in the tourism sector and the overall increment of domestic demand. Private sector imports (inclusive of tourism sector imports) grew by 73% in annual terms, while commercial bank credit increased by 5% during the review quarter. In addition to this, the sales index and the volume of orders index in the economic sector increased by 8 points and 17…
The total revenue collected to the Maldives state increased by 126.0% in the last quarter of 2021 when compared with the same quarter of 2020, according to Maldives Inland Revenue Authority (MIRA). The authority confirmed that the total revenue to the state during the review quarter’s end reached MVR4.28 billion. Additionally, the figure indicated a 47.4% increment from the initial projects as well. As per the taxation and revenue authority, tax sources such as TGST, GGST, and Green Tax were strong collection sources to the state while non-tax sources such as Tourism Land Rent had contributed heavily during the quarter.…
The newly appointed Managing Director of State Electric Company Limited (STELCO) Mr. Ahmed Shareef assures that the consumers will not experience a surge in utility prices. Moreover, he had claimed that the incumbent President of the Republic of Maldives Mr. Ibrahim Mohamed Solih’s policy ensures that necessary services such as utilities (electricity, water, and even internet) will remain under fixed price ranges. While responding to queries from local media regarding the possibility of a price hike in electricity in light of the price inflation of crude oil in the global market, Mr. Shareef assured that STELCO will remain dedicated to…
According to the latest updates from the Ministry of Finance the cumulative total of state expenditures has reached MVR5,002.4 million (MVR5.0 billion). Meanwhile, the cumulative total of state revenues inclusive of foreign grants reached MVR4,671.8 million as of 03rd March 2022. The Maldives state has spent 78% of its budget on recurrent expenses and the remaining 22% on capital expenses. On the other hand, the state has earned 84% of its total revenue from tax sources and the remaining 16% from nontax sources. As of 03rd March, the cumulative total of tax revenues reached MVR3,908.0 million. In 2021 the cumulative…
Maldives Marketing and Public Relations Corporation (MMPRC) has exhibited the island nation in Travmedia’s International Media Marketplace, held in Germany on 08th March 2022. According to MMPRC, the main purpose of participating in the event was to “promote the Maldives as a top of the mind destination” and to update the German, Austrian, and Swiss travel trade with the latest information and travel guidelines about the island nation. MMPRC had showcased the geographical advantages of the island nation allowing natural social distancing, which makes the Maldives one of the safest destinations for tourists. In addition to this, MMPRC had marketed…
According to the latest update from Maldives Inland Revenue Authority (MIRA), state revenues observed an increment of 40.1% in February 2022 when compared with the same month last year. The latest report from MIRA indicates that the government collected total revenue of MVR1.41 billion in the review month. Furthermore, MIRA confirmed that revenues in the review month increased when compared with the corresponding month in 2021 due to stronger earnings observed from TGST, GGST, Income Tax, and Green Tax. In addition to this, the revenues earned to state was 17.6% higher than initial forecasts, which was due to the increment…
State Electric Company Limited (STELCO) has urged all of its powerhouse outlets to ensure uninterrupted services during the Islamic sacred month of Ramadan. The utility company advised all of its outlets to practice caution ahead of the sunny season which will coincide with the Islamic sacred month. Previously, the STELCO consumer base had mounted several complaints of hiked utility bills during the sunny season. Moreover, STELCO’s Managing Director Mr. Ahmed Shareef held an online conference with all the managers of the STELCO outlets across atolls to discuss the corporation’s strategy and steps to ensure the services remain uninterrupted.
The newly appointed Managing Director of State Electric Company (STELCO) has met with the project contractor to discuss expediting the housing project. STELCO frontman Mr. Ahmed Shareef along with members of the utility company’s board had visited the project site at Hulhumale’ Phase-II on 07th March, Monday. Mr. Shareef spoke with the contractor regarding all aspects that are necessary for expediting the construction process. STELCO aims to complete the housing project faster to facilitate affordable housing options for its employees and families living in the Greater Male’ Region. The project initially commenced during the previous administration of former president Abdulla…
The Director-General of the Food and Agriculture Organization has paid a visit to the Maldives on an invitation from the Minister of Fisheries, Marine Resource and Agriculture Mr. Hussain Rasheed Hassan. Mr. Qu Dongyu, the Director-General of the organization visited the island nation from 07th to 08th March 2022. Following his trip to the Maldives, the FAO Director-General will fly to Dhaka, Bangladesh for the 36th Food and Agriculture Regional Conference for Asia and the Pacific. Mr. Dongyu was accompanied on his trip to the Maldives by the organization’s Chief of Economy Mr. Mazimo Torrero along with other members of…
According to the latest update from the Ministry of Tourism, tourist arrivals to the Maldives in annual terms reached over 289,000. The ministry’s latest statistics with the reviewed date of 02nd March confirms that the total number of tourist arrivals reached 289,964. The annual tourist arrival to the island nation observed an increment of 48.6% when compared with the corresponding period in 2021. Moreover, the daily arrival average in annual terms reached 4,754 while the average duration of stay is currently at 8.8 days. As for tourist source markets, Russia maintained the top spot with a share of 15.2% and…