Author: Mohamed Reehaan

The cumulative total of state expenditures reached MVR 35.9 billion as of October 12, 2023. According to the Ministry of Finance, the cumulative total of revenues, inclusive of foreign grants, reached MVR 26.4 billion by the review date. The overall balance for the period is a deficit of MVR 9.6 billion. The cumulative total of tax revenues has reached MVR 19.1 billion, while the non-tax revenue total in year-to-date terms reached MVR 6.8 billion. For the same period in 2022, the cumulative total of tax revenues stood at MVR 15.7 billion and the cumulative total of non-tax revenues stood at…

A “pressure pad” system used in Kulhudhuffushi Airport exploded on Thursday morning, October 19 leaving four injured with one in critically severe condition. An official from Regional Airports Company Limited (RACL) confirmed that among the four injured, one was in a severely critical state. “We are currently making arrangements to take all of them to Male'”, said the offical. Three men and one woman, all firefighters according to Maldives Police Service, were injured in the explosion. They are currently being treated in Kulhudhuffushi Regional Hospital (KRH). Police said the explosion occurred while a cylinder used in the airport’s fire drills…

Bank of Maldives (BML) has launched a promotion for its Mastercard holders to win exciting prizes. Under the promotion, winners stand to receive; Mastercard Debit Cardholders stand a chance to win vouchers up to MVR 500 in value by spending over MVR 2,500 Mastercard Credit Cardholders can win vouchers worth MVR 600 for spending over MVR 3,000 on their card during the promotion period The promotion is open for Mastercard customers until November 14, 2023. Besides this, the bank has introduced a new range of cards featuring designs inspired by the natural beauty of the Maldives and produced with recycled…

Ministry of Finance forecasts that state debt will reach to MVR 129 billion in 2024. The ministry in its Fiscal Strategy Report said the debt-to-GDP ratio will increase by 111% in 2024, and the national debt will increase to MVR 130 billion in 2025. The ministry further said the government aims to reduce debt-to-GDP ratio by 93% in 2026, which is also the year with the highest loan repayment by the state. Maldives government is expected to pay MVR 11.5 billion in loan repayments in 2026. The ministry further revealed that the government aims to utilize the state revenue to…

Maldives Transport and Contracting Company (MTCC) has introduced card payment options for the Raajje-Transport Link (RTL) national integrated public transportation network. MTCC already shifted the ferry transportation in Greater Male’ region under the RTL travel platform. With this move, ferry transportations previously carried by MTCC outside of the integrated network in Vilimale’, Hulhumale’, Thilafushi, and Gulhifalhu will now come under the larger RTL network. Tickets for the ferry service in Greater Male’ region will now be available from the RTL travel app and website. Customers can now purchase QR tickets from the mobile app and website and from the ticket…

State Trading Organization’s (STO) Group of Companies have extended a donation of MVR 1 million to provide assistance for those affected in the recent conflicts in Gaza following Israel’s inhumane attacks. The funds were donated to the Gaza Fund opened by the International Aid Campaign (IAC), a local organization dedicated to providing relief efforts to Palestinian people. The donation was made during a live telethon event held to raise funds for Palestine. During the telethon, STO Managing Director Abdulla Saeed expressed the Group’s commitment to continue their support for the cause of the Palestinian people. “This contribution represents the sincere…

Dhiraagu opens a wallet through ‘DhiraaguPay’ for the International Aid Campaign’s (IAC) Gaza Emergency Relief Fund. The telecommunication service provider has donated MVR 100,000 to the cause. Additionally, Dhiraagu has opened up ‘DhiraaguPay’ digital platform to the public to send in donations to the Gaza Fund. Dhiraagu said that donations can be made conveniently by scanning the QR code or using DhiraaguPay app merchant code 7266. The company said all donations to the wallet will be used to support humanitarian aid work conducted in Palestine by the IAC.

China has become the second strongest tourism market to the Maldives as of October 11, 2023. According to the Ministry of Tourism, the arrivals from China in annual terms as of the review date reached 154,927 while replacing the previous second ranker, India. Top 10 Markets, 2023 Russia: 162,441 China: 154,927 India: 154,016 UK: 111,880 Germany: 96,791 Italy: 85,934 USA: 55,363 France: 38,139 Spain: 29,992 Switzerland: 27,154 As of the review date, the Maldives has attracted an annual total of 1,412,062 tourists which is close to 500,000 shy of reaching the annual arrival target of 1.9 million set by the…

The president-elect’s office has said that the state-owned enterprises (SOEs) are experiencing severe cashflow shortages. According to the office, the cashflow shortages in SOEs have required substantial cash injections for the remaining two months in the current 2023 fiscal year. The transitional spokesperson Mohamed Firuzul said that state-run companies, especially engaged in government projects were in poor condition. “The most significant challenge that the companies are highlighting is the severe hindrance in their cashflow. This is due to the fact that they have not received the payments owed to them after implementing government projects,” said Firuzul during a press conference…

Dusit Thani Maldives has received the Best CSR Programme Award at the South Asian Travel Awards (SATA) 2023. The South Asian Travel Awards is regarded as one of the most esteemed awarding events in the region celebrating tourism industry, travel and hospitality service excellence. Dusit Thani was bestowed with the accolade for its outstanding contributions to the community, environment and social well-being. “At Dusit Thani Maldives, we believe in the power of responsible tourism and the positive impact it can have on both local communities and the environment,” the resort’s General Manager Jean-Louis Ripoche said. “Receiving the Best CSR Programme…