Author: Mohamed Reehaan
Ministry of Finance reveals the total Green Tax collection for the month of July 2021 reached over MVR28.2 million. Furthermore, according to the Green Fund Report by the ministry, the exact total in Green Tax for the review month is MVR28,188,173.98 (MVR28.2 million). Moreover, the total Green Tax earnings from tourist resorts, hotels and guesthouses reached MVR27,834,809.09 (MVR27.8 million) in July, while the total Green Tax revenue from liveaboards and safari vessels for the review month stood at MVR353,364.89. In terms of Green Tax earnings from atolls, Kaafu atoll observed the highest earning which stood at MVR10,494,622.25 (MVR10.5 million). The…
According to the latest update by Ministry of Finance to their Weekly Covid-19 Spending Report, the government’s spending towards Covid-19 efforts remain largely unchanged from previous week. Moreover, the total health and social spending as of 23 September stood at MVR2,109.4 million (MVR2.1 billion) which is just a 0.09% increment from the previous week. During the review week, 33.7% of the total health and social spending were committed-spending. Meanwhile the total disbursements made towards Economic Response Plan (ERP) schemes stood at MVR1,773.4 million (MVR1.8 billion) by the review week, which remains unchanged from the week before. While the National Social…
The cumulative total of state expenditure as of 23rd September 2021 reached MVR20,718.5 million (MVR20.7 billion), reported Ministry of Finance. Moreover, the ministry had confirmed in their latest Weekly Fiscal Development that the cumulative total of state revenue reached MVR12,907.7 million (MVR12.9 billion) as of the review period. According to the state body, the expenditure composition reveals 77% of the total expense were concentrated towards recurrent needs and the remaining 23% towards capital expenses. On the other hand, revenue composition reveals 73% of the total earnings to the state came from tax sources and the remaining 27% from non-tax sources.…
Visit Maldives has commenced destination marketing in India to promote the island nation’s tourism industry. Moreover, the destination promoter along with industry partners have taken to two major events in order to promote the country’s tourism industry. The events include a one-day roadshow organized by Visit Maldives on 27th September, Monday at Novotel Ahmedabad. In addition to this, the promoter will take part from 29th September to 01st October at the Travel and Tourism Fair (TTF) held at the Physical Fair, Nehru Centre, Worli, Mumbai. The fair is hailed as one of the biggest tourism oriented events in India. Furthermore,…
Bank of Maldives (BML) has reportedly introduced international money transfer services through their Mobile Banking Application. Furthermore, the national bank of the island nation testifies that their mobile banking app will allow customers to transfer money to international accounts up to USD3,000 per day. With the service introduction, customers with USD accounts at BML can transfer money to several international banks without interventions or added time consumed between transfers. Moreover, international money transfers are subject to a fee according to the bank. As per BML, for transfers between USD50 to USD500 a fee of USD5 will be incurred and transfers…
Visit Maldives has reported that a team of South African media correspondents have visited the country as part of the tourism familiarization trip. Moreover, Visit Maldives, the organizer of the familiarization trips confirmed that the team will stay in the island nation from 25th September until 02nd October. The delegation from South Africa’s media team include reporters from famous outlets such as the Independent Getaway and Sunday Times. Meanwhile, the team will stay in Fushifaru Maldives, The Westin Maldives Miriandhoo Resort as well as Hideaway Beach Resort and Spa during their trip. Furthermore, this familiarization trip will serve as ample…
According to the latest updates from Ministry of Tourism, the total tourist arrivals to Maldives so far in 2021 has reached 843,552. Moreover, the ministry reports this arrival total was confirmed as of 23rd September and further noted that the arrival total from 01st to 22nd September stood at 87,586. This arrival total exclusive for September marks an increment of 10.4% when compared with the same period in 2019 where the arrival total stood at 85,382. Meanwhile, the arrival total in 2021 observed a staggering 1,329.6% improvement when compared with the same period in 2020 where the arrival count stood…
A delegation of media correspondents originating from the Spanish market have arrived in Maldives as part of the tourism familiarization trip. Moreover, it was confirmed that the team will be staying in the island nation from 24th to 29th September. The team consists of reporters and writers from Vanity Fair, El Periodico Destinos, El Viajero El Pais, Cinco Dias, Viajes National Geographic and popular outlets such as Conde Nast Traveler and Harper’s Bazaar. Furthermore, the team will be hosted in Six Senses Laamu, Huvafenfushi and Maafushivaru Resort where they will get a hands-on experience of the luxurious resort offerings and…
According to Housing Development Corporation (HDC), the company currently has an outstanding loan portfolio of USD776 million. Moreover, this was confirmed by Mr. Ahmed Sham, the Chief Financial Officer of the corporation during a parliament session on 24th September, Friday. As per Mr. Sham, these loans were acquired from a total of 15 different banks ranging from a total of four countries. During the previous state administration, the company’s loan portfolio observed surges owing to the reclamation of land from Hulhumale’ under the second phase. Furthermore, the spike in outstanding loans have presented financial predicaments for the corporation which was…
The EXIM Bank of India has come to a formal agreement with Fahi Dhiriulhun Corporation Limited (FDC) of Maldives to extend Buyers Credit to develop 4,000 social housing units in Hulhumale’ Phase-2. Moreover, the Buyers Credit from the bank is reported at an approximate total of USD227 million. Reports also attest that the construction of the social housing units will be carried out by National Buildings Construction Company (NBCC) and JMC Projects (India) Ltd. Both companies boast with valued experience in real estate development and civil construction projects at India and abroad. Earlier, both the companies signed on with FDC…