Author: Mohamed Reehaan
According to the latest updates from Ministry of Finance, the cumulative total of state expenditure has reached MVR26,251.4 million (MVR26.3 billion). Moreover, the cumulative total of state revenues inclusive of grants reached MVR16,282.4 million (MVR16.3 billion) as of 11th November 2021. Meanwhile, the overall balance observed a deficit of MVR9,969.0 million (MVR9.96 billion). The cumulative total of tax revenues by the review period reached MVR11,872.2 million (MVR11.9 billion) while the cumulative total of non-tax revenues reached MVR3,886.9 million (MVR3.9 billion). Furthermore, grants received to the state as of 11th November reached MVR519.1 million. On the other hand, the cumulative total…
Conrad Maldives Rangali Island reveals plans to debut the grand relaunch in February 2022 following a multi-million dollar refurbishment. Moreover, the expansive refurbishment includes significant renovation on 50 of the resort’s overwater villas. The villas have been revitalized to include stylish new interiors with integrated indoor-outdoor living spaces and direct access to private sun decks. In addition to this, the dining experiences have been elevated with massive makeovers to three of the resort’s restaurants and bars which include the all-day dining buffet restaurant; Atoll Market, the chilled-out social hub that is the Rangali Bar and the open-air restaurant located at…
Gili Lankanfushi confirms winning the Indian Ocean’s Leading Hotel Residences 2021 and Maldives Leading Green Resort 2021 titles at the World Travel Awards 2021. The top-tier luxury slip is known for its eco-friendly themes and sustainable tourism concepts with key emphasis made on preserving the natural environment and surrounding marine ecosystems. As such, the resort had recently announced planting more than 300 coral lines under its eco-friendly project launched back in 2014. The initiative involves the resort staff and volunteers planting 20-50 small living coral fragments arranged on rope lines at the house reef. Moreover, the resort reports over 12,000…
Visit Maldives has become a member of Australian travel industry’s top global media network, TravMedia. Moreover, Visit Maldives confirms their membership with TravMedia is established as part of the tourism promoter’s efforts to make the island nation a go-to-destination in the Australian market. Moreover, with this membership Visit Maldives aims to increase engagements with Australian tourists and market Maldives as a safe haven for travelers. The membership will help Visit Maldives to distribute destination related information and press releases to 2,200 Australian travel media and industry professionals through email and website feed. Furthermore, the arrangement will allow Visit Maldives priority…
Maldives has participated in an online travel mart organized by the Japanese Association of Travel Agents (JATA). The JATA 2nd Online Mart is organized by the Outbound Travel Promotion Division of JATA, and the event consists of seminars to be held from 16 to 17th November 2021 along with scheduled business meetings from 25th to 26th November. Moreover, the online travel mart aims to connect travel industry professionals from Japan and overseas, providing the opportunity to exchange latest information on border openings, travel restrictions and trends, travel safety protocols as well as the latest updates on destinations attractions. Meanwhile, Visit…
Bank of Maldives (BML) has opened applications for proposals under its ‘Aharenge Bank’ Community Fund initiative for the final phase of 2021. According to the bank, the community fund initiative is open for individuals and registered NGOs to contribute to their respective communities through “sustainable projects” with the five best proposals being selected for funding. The winning projects in the areas of education, environment, sports and community engagement stand to win MVR50,000 to implement the proposed projects. Moreover, applicants can send in their project proposals with necessary supporting documents to [email protected] on or before 23:59hrs on 30th November 2021. Furthermore,…
According to Ministry of Tourism, the total tourist arrivals to Maldives as of 10th November 2021 has exceeded the one million mark. Moreover, the state body confirms that the total arrival figure by the review date reached 1,060,004. Meanwhile, tourist arrivals from 01st up to 10th November stood at 47,076 which is a 3.0% improvement from the corresponding period in 2019 where the arrival count stood at 45,724. Furthermore, the arrival count from 01st to 10th November has also observed a 363.6% increment when compared with the same period in 2020 where the arrival total reached only 10,154. The daily…
The latest updates from Ministry of Finance in their Weekly Fiscal Developments confirm that the cumulative state expenditure total has reached MVR25,922.7 million (MVR25.9 billion) as of 04th November 2021. Furthermore, the government ministry indicated that the cumulative revenue total by the review period has reached MVR16,174.1 million (MVR16.2 billion). Expenditure composition reveals that 74% out of the total were concentrated on recurrent needs and the remaining 26% on capital needs. On the other hand, revenue composition reveals 73% out of the total came from tax sources and 27% from non-tax sources. Meanwhile, the overall balance for the period is…
Maldives Inland Revenue Authority (MIRA) reports that the state had collected a total revenue of MVR 1 billion in October 2021 out of which 38.20 million was collected in USD. Moreover, the revenue and taxation authority confirms that the revenue collection in the review observed an increment of 155.7% when compared with the same period in 2020. MIRA further reported that this increment is directly resultant from the increase in TGST, Green Tax as well as airport taxes and fees in the review month. Moreover, tourist arrivals in September 2021 was comparatively higher than the arrivals in the same month…
According to Maldives Ministry of Finance, revenues and grants to state observed a 122.5% increment in September 2021 when compared with the same period in 2020. Moreover, the state body attests that the revenues inclusive of grants in the review month reached MVR2,337.4 million (MVR2.3 billion); with a significant proportion of the increase coming due to a MVR687.7 million hike in non-tax revenues. On the other hand, total expenditure for the review month increased by 34.1% compared to the corresponding month in 2020. Capital expenditure increased by 52.1% in the review month while recurrent expenditure increased by 10.2%. The fiscal…