Author: Mohamed Reehaan

The Ministry of Finance revealed that the state revenues inclusive of grants increased by 2.7% in November 2022 when compared with the same month in 2021. The ministry further confirmed that the government collected MVR1.85 billion in revenues, including grants. The total expenditure for the review month decreased by 14.2% when compared with November 2021. Compared to the same month in 2021, capital expenditure decreased by 43.2% while recurrent expenditure dropped only by 0.9%. The fiscal balance for the review month is an overall deficit of MVR759.9 million. Expenditure Approved Total: MVR40.7 billion Cumulative: MVR34.3 billion Recurrent: MVR2.1 billion Capital:…

The government expenditure reached MVR36.3 billion in annual terms by 22nd December 2022. The approved budget total for last year was MVR 39.9 billion following the inclusion of an MVR 5.8 billion supplementary budget. On the other hand, the state revenues inclusive of foreign grants reached MVR 26.2 billion by the review date, which is an excess of MVR 1.9 billion against the projected total of MVR 24.3 billion for 2022. The overall balance for the period is a deficit of MVR10.1 billion. Revenues Tax revenues: MVR 18.4 billion Non-tax revenues: MVR 7.6 billion Grants: MVR 331.4 million Expenditures Recurrent:…

The Ministry of Finance announced the sale of MVR 3.4 million in Treasury Bills (T-Bills), to manage state finances. The ministry announced the following T-Bills; MVR 453 million: repayment within a month, 3.50% interest MVR 999.8 million: repayment within six months, 4.23% interest MVR 1.7 billion: repayment within one year, 4.6% interest State sold T-Bills are primarily purchased or invested by local banks, pension office and other government offices. Additionally, some of the private companies invest in government T-Bills.

Trans Maldivian Airways (TMA) confirms it has resolved the system issue which led to a major disruption to its flight operations on Saturday, 31st December 2022. The largest seaplane operator in the world confirmed resolving the issue on Monday, 02nd January 2023. On Saturday, TMA suffered a malware attack on its check-in system leading to its flight operations becoming disrupted. The flight schedule interruption led to hundreds of resort-bound tourists becoming stranded at the airport venue. The seaplane operator opted for manual check-in to ensure operational upkeep. Meanwhile, an official speaking from VIA confirmed manual check-in proved slower.

A technical glitch at Trans Maldivian Airways (TMA) on Saturday, 31 December, resulted in an airport fiasco as the largest seaplane operator faced disruptions to its flight schedule. TMA faced system disruptions that interrupted its check-in as well as flight operations. The disruption led to several VIA inbound and outbound travelers becoming stranded. Lengthy queues were visible at TMA’s flight terminal throughout Saturday. An airport staff member speaking with a local media outlet confirmed that the terminal shifted to manual check-in and passenger arrangements. The manual approach proved time-consuming, according to another airport staff. Meanwhile, the seaplane operator was unavailable…

Maldives Ports Limited (MPL) has confirmed it will be reducing export container fees. The operator of Male’ Commercial Harbor confirmed this in a recent statement. With the confirmed revisions, MPL will charge MVR 1,132 for 20 ft containers. The company previously charged MVR 4,419. On the other hand, 40 ft containers will cost MVR 2,264 in export fees. The previous charge was at MVR 8,767. According to MPL, with their price reductions, exporters can save up to 75% of their export costs. MPL board decided to slice the prices to encourage local exports, and boost export volume. The decision will…

Housing Development Corporation (HDC) confirms the second phase of Thilafushi development will begin in January 2023. As part of the second phase development project, land reclamation will kick off. According to HDC, 151 hectares of reclaimed land will be added to the existing 120 hectares of land in the island. Meanwhile, HDC Manager Industrial, Mohamed Shamin said that the corporation signed with China’s Haba company earlier on 15 May, to hand over the land reclamation project. During the development of Thilafushi, various plots will be earmarked for industrial activities. These plots may include heavy industrial and warehousing areas. HDC confirmed…

Bangladesh launched its first metro rail service, funded mostly by Japan, in the densely populated capital on Wednesday, 28 December. The country’s Prime Minister Sheikh Hasina inaugurated the service accompanied by newly appointed Japanese Ambassador Kiminori Iwama and Ichiguchi Tomohide, the Chief Representative of Japan International Cooperation Agency (JICA). “We have added another feather of pride to the crown of Bangladesh’s people today. Another feather added to the crown of the development of Bangladesh,” she said during the inauguration. Hasina had commemorated six Japanese rail engineers working on the project who were killed during an attack on a Dhaka cafe…

Maldives President Ibrahim Mohamed Solih on Wednesday, 28 December, said that the country’s economy has successfully recovered to pre-pandemic levels. President Solih made the statement while briefing local media at President’s Office, to provide updates on the current administration’s socioeconomic plans. He described 2022 as a challenging year for the country’s economy. He added that the war in Eastern Europe followed by the Covid-19 pandemic had resulted in significant global economic crises. The global economic impact put dents in the country’s economic progress, but owing to strong recovery from tourism industry, Maldives saw resilient growth. The country’s economic growth for…

Since the new runway began operations on 06 October 2022, Velana International Airport (VIA) has reported a new record air traffic movement on the tarmac. According to Maldives Airports Company Limited (MACL), the new runway recorded a total of 228 air traffic movements on 22 December 2022. The movements included 104 international and 104 domestic movements as well as 20 private jet landings. This is the highest single-day flight movement recorded since the new runway came into effective operation. Meanwhile, the airport records an average of 800 air traffic movements, inclusive of seaplane traffic, per day. VIA is observing a…