Author: Mohamed Reehaan

According to the statistics updated by the Maldives Inland Revenue Authority (MIRA), the Maldives government collected MVR 2.11 billion in revenue in April 2024. Statistics showed the revenue collected in the review month is 13.6% up compared to the same month in 2023, which was due to the increment in the collection of GST, Airport Taxes and Fees, and Green Tax. Additionally, the total revenue collected is a 4.8% increment from initial projections, which is due to the increase in GST, Airport Taxes and Fees, and Green Tax collections. Tourist arrivals in March 2024 increased by 8.3% compared to the…

Bank of Maldives (BML) on Monday, announced the introduction of Weixin Pay, or WeChat Pay in overseas markets, as a payment method on its Point-of-Sale (POS) terminal network. This allows merchants to accept QR payments from the popular Chinese app, while the app was previously only available on BML Payment Gateway. “We have started the rollout of WeChat Pay at merchants at Velana International Airport’s duty-free shopping. By accepting WeChat Pay on the Bank’s POS network, we are paving the way for more than 1 billion active users of the Weixin and WeChat platform to make payments at merchants across…

The Indian government has extended USD 50 million in budget support to the Maldives government on Monday, May 13, 2024. Indian government’s support was in the form of a rollover of USD 50 million Treasury Bills (T-Bills), for an additional year, through the State Bank of India (SBI) Male’. Three T-Bills, each USD 50 million were subscribed by SBI during former President Ibrahim Mohamed Solih’s administration, with the rate of interest on each paid annually by the Indian government. While one of these bills matured in January 2024, the second bill will mature this May. For the third, SBI has…

The Maldives Association of Tourism Industry (MATI) has called out to all the relevant industry stakeholders, including those in tourism and construction sectors, to adhere to Environmental Protection Agency (EPA)’s order to halt ongoing land reclamation projects. EPA made the demand last Thursday, calling to stop all ongoing land reclamation initiatives until June 10, 2024. The agency said that this was to ensure no irrecoverable damages or harm were done to reefs during the now ongoing mass coral bleaching event. MATI said on Sunday, that it supported EPA’s demand, and implored stakeholders to respect the call. “We are confident that…

The Ministry of Economic Development and Trade and the International Free Zone Authority (IFZA) from Dubai signed a memorandum of understanding (MoU) towards the development of the special economic and financial services zone at Funadhoo and the Maldives Economic Gateway in Ihanvandhippolhu. The MoU was signed at a ceremony held at Meerumaa Hotel on Sunday, and was attended by high-level delegates of the Maldives government and IFZA. Minister of Economic Development and Trade Mohamed Saeed signed the agreement on behalf of the state, and Chairman of IFZA Martin Pedersen signed on behalf of the contractor. According to the ministry, the…

Canareef Resort Maldives has been crowned the winner of the prestigious TripAdvisor Travellers’ Choice Award 2024. This recent award win places Canareef among the top 10% of the hotels worldwide, as recognized by millions of TripAdvisor travelers. Every year, TripAdvisor gathers reviews and ratings from travelers across the globe to identify the most beloved businesses across multiple categories. Based on exceptional feedback from valued guests, Canareef Resort Maldives has earned its place other elite establishments. This award is a testament to the “unwavering dedication” of the Canareef team in providing exceptional service and creating unforgettable experiences to the guests, the…

Atmosphere Core, an international hospitality company with its property portfolio extending to the Maldives, took home four highly-coveted trophies at the 2024 World Travel Awards (WTA). The company’s ultra-luxury brand, THE OZEN COLLECTION secured two awards, with OZEN Life Maadhoo receiving Indian Ocean’s Leading Villa Resort award, while Royal Reserve at OZEN Reserve Bolifushi was named Maldives’ Leading Luxury Hotel Villa. Besides this, two properties falling under Atmosphere Core’s Atmosphere Hotels & Resorts brand received recognition as well. As such, Atmosphere Kanifushi won Maldives’ Leading Family Resort, making this the fifth consecutive win for the property from 2020 to 2024.…

Tourist arrivals from China has reached over 87,000 as per the latest tourist arrival update from the Ministry of Tourism. According to the Ministry, the annual arrival total has reached 809,817 as of May 08, 2024, which is an 11.8% increment over the corresponding period last year, during which arrivals stood at 724,631. China maintains dominance while Russia is trailing closely behind in second spot with a little over 80,000 arrivals so far while UK is in third place with over 77,000 arrivals. Top 10 Markets CHINA – 87,566 RUSSIA – 80,698 UK – 77,273 ITALY – 71,693 GERMANY -…

According to the Ministry of Finance, the cumulative total of state expenditure has reached MVR 12.6 billion as of April 25, 2024. By the same review date, the state revenues inclusive of grants reached MV 11.2 billion; because of which the overall balance for the period is a deficit of MVR 1.4 billion. The cumulative tax revenues for the review date is MVR 9.3 billion, which is higher than the MVR 8.1 billion observed the same period last year. On the other hand, the cumulative total of non-tax revenues saw a decline from MVR 2.7 billion in 2023 to MVR…

The government of Maldives has requested for a leniency on the outstanding loans extended by the Indian government. The Indian government extended USD 200 million to the Maldives for budget support in 2019, out of which USD 50 million has already been paid, confirmed by the Minister of Foreign Affairs Moosa Zameer. The state has requested a rollover on the USD 150 million Maldives still owed out of this total. Zameer made the request during his recent official visit to India, where he met with the Indian External Affairs Minister Dr. S. Jaishankar to discuss on various topics, including the…