Author: Mohamed Reehaan

Maldives Customs Service reported a 24% increment in revenue for October 2022. According to Customs, the revenue total for the review month reached MVR364 million. Imports, including fuel, observed a 14% increase which translates to MVR4.3 billion of total imports. Imports, excluding fuel, increased by 9% which translates to MVR3.5 billion. Exports on the other hand observed a decline of 15%, which is MVR186 million worth of export commodities. Top Import Categories Food items (excluding pork, alcohol, tobacco): MVR863 million Fuel (marine gas oil (diesel), petrol, aviation gas): MVR803 million Machinery and mechanical application; electrical: MVR763 million Base metal and…

According to European Investment Bank (EIB), European Union (EU) firms continue to lead the fight against climate change compared to the US and across the EU. A survey from EIB report 88% of the firms claim having taken action to address Greenhouse Gas (GHG) emissions with more than half of EU firms “having already invested in climate action.” Despite this, war in the Ukraine and subsequent economical shocks are “testing firms’ resilience.” EIB further reported 53% of the firms are dealing with weather events’ impact, while 57% of these firms invest in energy efficiency. The survey further confirm 64% of…

A ceremony was held on Sunday, 13th November to inaugurate the completion of new blocks of Hulhumale’ Halfway House. Maldives Transport and Contracting Company (MTCC) carried out the project as part of its CSR initiatives. The contractor notes it was “proud to be part of a project which will provide rehabilitation for patients recovering from OUD” and give them a second chance to restore their future. Minister of Health Mr. Ahmed Naseem, Minister at President’s Office and VC of Social Council Dr. Musthafa Luthufee, CEO of National Drug Agency (NDA) Uz. Imad Solih along with NDA board Chairman Mr. Shamau…

Poland’s flagship carrier Lot Polish Airlines launch direct flights to Maldives ahead of the winter holidays (coinciding tourism peak in Maldives). Maldives Airports Company Limited (MACL) confirms the airline will operate once a week until December 2022. As of now 27 international airlines are operating to the Maldives, as confirmed by Ministry of Tourism.

Revenues and grants for September 2022 stood at MVR1.58 billion, which is a 32.2% decrement when compared with the same month in 2021. On the other hand, total expenditure for the month increased by 6.6% compared with the corresponding month last year. Capital expenditure decreased by 47.4% whereas recurrent expenditure increased by 33.3% in the review month. Fiscal balance for the month gives an overall deficit of MVR1.57 billion. By the end of September 2022, cumulative expenditure total reached MVR28.04 billion. The cumulative revenues inclusive of grants by the same period reached MVR21.5 billion. The state approved budget for the…

Auditor General’s Office (AGO) confirms Maldives government required MVR30.5 billion to repay state debt in the next four years. AGO said their research confirms the need for a long-term plan for debt repayment. The office made the remarks at the budget research committee at Maldives Parliament. The office further notes 2025 and 2026 as the highest debt repayment years. The government is looking to repay MVR5.5 billion in 2023, and MVR6.4 billion in 2024. Moreover, statistics note government expects to pay MVR8.9 billion and MVR9 billion in debts for the years 2025 and 2026, respectively. AGO also notes the repayment…

Bank of Maldives (BML) announces a new promotion for American Express cardholders. According to the national bank, all local transactions made via American Express (AmEx) debit and credit cards are eligible for the promotion. Pay with your American Express Debit or Credit Card and stand the chance to win a trip for two to LONDON! ✈️ 🇬🇧 Two more lucky winners will receive MVR 5000 weekly! 🎁 View more: https://t.co/8YGnEhfJEJ pic.twitter.com/ObZGzcnoaT — Bank of Maldives (@bankofmaldives) November 13, 2022 During the promotion, each week two customers will win MVR5,000. The grand prize for the promotion is two return tickets to…

Turkish Airlines introduce special fares for flights between Male’ and Colombo. According to the airline, return trips to Sri Lanka starts at USD364 (MVR5,216) with a 50kg baggage allowance. The airline further confirms the special fare will be effective until March 2023. Flights from Male’ to Colombo will depart at 13:15 daily, with return from Colombo to Male’ at 21:30 on the same day.

State collected a monthly revenue total of MVR1.25 billion in October 2022, according to Maldives Inland Revenue Authority (MIRA). MIRA reported an increment of 24.6% when compared with the same month last year. Additionally, this is a 28.5% increment from initial projections. Revenue of October 2022 is higher in comparison with the corresponding month in 2021, due to the increment in the collection of GST, Income Tax, Tourism Land Rent, Airport Development Fee and Airport Service Charge. Airport taxes and fees improved due to the increment in the tax rates based on flying class. Top revenue sources to state in…

According to Ministry of Finance, state expenditure in cumulative terms reached MVR30.8 billion as of 27th October 2022. With this government spending is MVR3.3 billion short of hitting the approved budget for the current fiscal year. Meanwhile, revenues inclusive of grants by the review date stood at MVR22.3 billion, which is MVR2 billion shy from hitting the projected total for the year. Expenditure composition showed 73% of the total was spent on recurrent needs, 27% on capital expenses. Revenue composition reveals 72% of the earnings came from tax sources, remaining 28% from non-tax sources. The overall balance for the period…