Author: Mohamed Reehaan
According to the latest updates of Maldives Monetary Authority (MMA) the developments of the island nation’s construction sector remained mixed in Q2-2021. Moreover, the central bank of Maldives reported that the construction related imports observed an increment by 9% during the second quarter; which translates to USD6.2 million. Furthermore, the commercial bank credit to the construction sector had registered an annual growth of 10% by the end of the review quarter; owing to the growth in credit extended to residential housing projects and new resort developments. On the other hand, notable increments were observed for credit extended for the renovation…
Maldives government has spent a total of MVR3,879.5 million (MVR3.9 billion) towards Covid-19 curbing and economic recovery efforts so far in 2021. As per Ministry of Finance in their latest Weekly Covid-19 Spending Report, the government has spent a total of MVR2,106.1 million (MVR2.1 billion) on health and social efforts. Meanwhile, the total economic response spending has reached MVR1,773.4 million (MVR1.8 billion). Moreover, the total health and social spending observed a 1.6% as of 7 September in comparison with the week before. Furthermore, during the review period 34.6% of the total health and social spending had been committed spending. On…
According to the latest updates of Maldives Tourism Bulletin by Ministry of Tourism, the total number of tourist arrivals to Maldives by August end reached 755,966. Furthermore, this arrival count is a 92.7% increment in terms of year-on-year basis, when compared with the corresponding period in 2020. Moreover, the statistics from the state body confirms the total tourist arrival for the month of August, which stood at 143,599 which is a 3.1% improvement when compared with the same month in 2019 and a staggering 1,780.5% improvement when compared with the same month last year. The daily average of tourist arrivals…
Tuesday, 07th September – MTCC confirms on delivering the second shipment of rock boulders to Alif Dhaal atoll Hangnaameedhoo harbor development site. Moreover, as per the contractor, they had completed the delivery on 04th September, Saturday. Meanwhile, MTCC has further affirmed on completing the new harbor basin and harbor channel dredging operations. The project scope includes dredging and excavation operations spanning 6,363.1 cubic meters along with the construction of a breakwater, quay wall and a revetment measuring 204 meters, 266 meters and 160 meters respectively. In addition to this, the contractor will construct a paved area along the harbor site…
Tuesday, 07th September – Maldives Transport and Contracting Company (MTCC) confirmed on the developments of the dredging operations of the new harbor basin and the entrance channel of Hulhumeedhoo MIFCO harbor project. According to the contractor, the new harbor basin as well as the entrance channel are being dredged to a depth of 8.5MSL (Mean Sea Level). Meanwhile, MTCC has confirmed their dredger ‘Jarraafaa 3’ is operational 24 hours in 2 different shifts to complete the dredging operations. The project scope includes dredging and excavation operations of 471,380 cubic meters, reclamation operations of 1,788 cubic meters and the construction of…
Maldives Monetary Authority (MMA) has reported that the pace of recovery of the island nation’s tourism sector slowed down during the second quarter of 2021. Moreover, the central bank of Maldives attested that this was the result of the culmination of the tourism peak season coupled with the resurgence of Covid-19 positive cases in the country as well as in the South Asian region. Earlier, in April 2021, the resurfacing of Covid-19 positive cases, with mounting reports of infection spread, lead towards a travel ban on visitors originating from South Asian countries in the following month of May 2021. Furthermore,…
The Maldives rate of inflation turned positive during the second quarter of 2021, registering 2.3% in comparison with the negative -0.7% in the first quarter. Furthermore, Maldives Monetary Authority (MMA) in their Quarterly Economic Bulletin reports that the upward pressure of the inflation had been exerted due to the increase in the cost of electricity, driven by the state’s initiative alleviate the impact of Covid-19 on households and businesses. On the other hand, the cigarette prices had experienced an upward movement following the amendment to the Export-Import Act during July 2020, boosting import duties on tobacco. Moreover, the increase in…
Maldives Transport and Contracting Company (MTCC) confirms on delivering the first shipment of rock boulders to Shaviyani atoll Feydhoo project site. Moreover, the contractor had confirmed that the rock boulders required for the breakwater construction had been delivered on 04th September, Saturday. In addition to this, MTCC is currently executing dredging operations of the new harbor’s basin which is at currently at 97% completion. According to the contractor, the harbor development project of Feydhoo involve dredging and excavation operations spanning 27,500 cubic meters along with the construction of a 378 meter long breakwater, a 90 meter revetment and a quay…
The Maldives real Gross Domestic Product (GDP) faced a decline by 8.6% in the first quarter of the current year. Moreover, this comes attested from advance estimates of the Quarterly National Accounts published by the Maldives National Bureau of Statistics. As per the figures, the island nation’s Real GDP faced the said decline in comparison with the corresponding period in the previous year, while this was still a moderation when compared with the -36.1% dip felt during Q4-2020. Furthermore, Maldives Monetary Authority (MMA) notes that the moderation of the quarterly GDP growth reflected on the first quarter of 2021 came…
India’s full-service carrier, Vistara Airline has restarted their Maldivian flight operations officially on 02nd September 2021. Earlier, the airline had maintained its flights to the Maldives amid the Covid-19 pandemic’s peak 2021, during March, operating between Mumbai and Male’. Moreover, during their operations prior to the travel restrictions, they had operated 3 flights per week with regards to the ‘air bubble’ agreement made between Maldives and India. However, the airline’s operations had come to a halt in May 2021 due to the travel restrictions on South Asian countries inclusive of Maldives amid a resurgence of Covid-19 positive cases. India’s Vistara…