Author: Mohamed Reehaan

President Dr. Mohamed and First Lady Sajidha Mohamed left for Colombo on Sunday afternoon on an official visit. The trip runs from May 3 to 6. Sri Lankan President Anura Kumara Dissanayake extended the invitiation. President Muizzu’s Sri Lanka visit will see the leader meet senior officials in Colombo. Moreover, both heads of state plan to strengthen existing diplomatic ties. Talks will cover several priority sectors. Specifically, the two sides will explore cooperation in education, technical training, and economic collaboration. Additionally, the leaders aim to boost coordination across regional and international forums. Both Presidents will also witness the signing of…

The Maldives Monetary Authority (MMA) recorded MMA foreign currency sales of USD 1.1 billion (MVR 17 billion) in 2025. This marks a 10% increase from 2024. In comparison, the central bank sold USD 998 million in 2023 and USD 994 million the year prior. SOEs Absorbed the Largest Share State-owned Enterprises (SOEs) accounted for 60% of total sales. That translates to USD 651 million, or MVR 10 billion. SOEs directed these funds primarily toward fuel, essential food items, medicine, medical equipment, and debt servicing. Notably, fuel imports alone consumed 70% of the SOE allocation. The MMA channeled approximately USD 460…

STO Healthcare officially introduced Bayer pharmaceuticals in Maldives at a dedicated launch ceremony held at Hotel Jen, Malé. The event marked a pivotal step in the country’s ongoing effort to modernize its healthcare sector. Senior healthcare officials, local medical experts, and international specialists attended the ceremony. Together, they engaged in in-depth discussions on the latest innovations across five key medical disciplines: cardiology, nephrology, endocrinology, internal medicine, and women’s health. The treatments on display are evidence-based therapies with proven outcomes in developed nations worldwide. Notably, each product completed a thorough registration process under the standards of the Maldives Food and Drug…

The Maldives’ largest state-owned enterprise (SEO) grows bottom-line profit for the first time in two years, as share price surges 64% and dividend rises to MVR 85 per share; even as revenue tick modestly lower in a softening trade environment. State of the Trade State Trading Organization (STO) Plc closed the financial year ended 31 December 2025 with consolidated revenue of MVR 16,683 million and a net profit attributable to owners of MVR 780.9 million, yielding a full-group profit after tax of MVR 785.2 million. The headline result is one of measured resilience: revenue dipped marginally, by just 0.46% from…

The Maldivian government has expanded subsidized fuel for fishermen to nine service locations nationwide, up from just four. This move comes as geopolitical tensions in the Middle East continue to push global oil prices higher. Fisheries and Ocean Resources Minister Ahmed Shiyam announced the expansion at a press conference held by the President’s special committee on the Middle East conflict. The committee addresses the domestic impact of rising energy costs on key economic sectors. Previously, only four locations offered discounted fuel to the fishing industry. The government has since added five new outlets. Furthermore, authorities are finalizing arrangements to improve…

The Maldives Inland Revenue Authority (MIRA) collected MVR 882 million in overdue state dues last month. MIRA revenue recovery efforts produced results across several collection channels, bringing in significant funds from businesses and taxpayers who had previously failed to settle their obligations. The breakdown tells a clear story. MIRA collected MVR 411 million through its dues clearance process and secured another MVR 397 million through enforcement actions and follow-ups. Additionally, taxpayers on structured payment plans contributed MVR 61 million. Direct outreach through phone calls and emails produced a further MVR 13 million. Beyond collections, MIRA also named 43 businesses that…

Malé City Group of Hospitals has launched a strategic push to expand backup power capacity across its facilities. CEO Ibrahim Abdul Razzaq Haleem confirmed the move, citing the need for more reliable power during outages at the country’s busiest public hospitals. Current Systems Cover Only Critical Areas Indira Gandhi Memorial Hospital (IGMH) and Dharumavantha Hospital already operate backup power systems. However, both hospitals continue to face challenges during city-wide power interruptions. Speaking to PSM News, Haleem explained that the existing systems primarily serve critical areas during outages. As such, broader sections of each hospital remain vulnerable when the main grid…

Minister of Infrastructure, Housing and Urban Development Dr. Abdulla Muththalib has rejected claims of political interference in the Gedhoruveriyaa housing scheme. He confirmed there is no political motive behind the delay in signing agreements with some flat recipients. Delay Aims to Protect Recipients’ Rights The minister explained that the delay aims to protect the rights of genuine applicants. Authorities flagged irregularities in the recipient list once officials began processing it. As a result, the government paused certain agreements to address those issues before moving forward. Dr. Muththalib confirmed that the government has not drawn up a new list of 4,000…

The Privatization and Corporatization Board (PCB) has confirmed the appointment of Dr. Ali Azwar as the new Managing Director of State Electric Company Limited (STELCO). His appointment caps a near three-decade journey through the company’s ranks. A Career Built Inside STELCO Azwar joined STELCO as a trainee in 1997. Over the next 20 years, he climbed through a string of technical and administrative roles. He stepped into the Managing Director’s chair from his most recent position as Deputy Managing Director. His earlier tenure as Chief Operating Officer also stands out. During that period, he worked to strengthen the company’s management…

Japan has delivered a major boost to the Maldives’ disaster response capabilities. The Government of Japan on Sunday, April 26, donated equipment worth USD 4.3 million to the National Disaster Management Authority (NDMA), sharpening the country’s frontline defenses against fires and floods. Ambassador of Japan to the Maldives, Ishigami Rumiko, formally handed over the donation at a ceremony held on Sunday. NDMA Chief Executive Officer Hisan Hassan accepted the equipment on behalf of the authority. The donation falls under Japan’s Economic and Social Development Programme, a long-running channel for Tokyo’s overseas assistance. The package includes fire pumps, water pumps, and…