Author: Mohamed Reehaan
The Maldives President Ibrahim Mohamed Solih highlights on the cruciality of maintaining the momentum of the island nation’s tourism industry. According to the Maldivian head of state, sustainability efforts for the tourism industry must be met with proactive diligence and dedication by stakeholders, affiliates and everyone who are both directly and indirectly contributing towards the expansion of the economic sector. The Maldives President spoke in this manner while addressing the attendees at the Gold Jubilee Awards hosted by Maldives Association Tourism Industry (MATI) on Sunday evening, 17th July, at Kurumba Maldives. The island nation will be celebrating its Golden Jubilee…
The International Monetary Fund (IMF) commenting about the Maldivian Government’s plan of incrementing Goods and Services Tax (GST) for 2023 has recommended to push back the decision until 2024. IMF in a June issue regarding the economic outlook of the Asia and Pacific region, had singled out the Maldives in its recommendation of postponing its decision for a GST increment. According to the international financial institution, an increment on the tax amid rising inflation will have adverse effect on the economy and the consumer segments. IMF in its recommendation highlighted on a phase-by-phase approach of increasing GST. It added that…
Maldives President Ibrahim Mohamed Solih has officially inaugurated the 54th Asian Bodybuilding and Physique Championship 2022 at Kaafu atoll Maafushi. The opening ceremony was held at the local tourism centric island on 16th July, Saturday. In addition to Maldives President, the opening event was attended by the Minister of Youth, Sports and Community Empowerment Mr. Ahmed Mahloof and the President of Bodybuilding Association of Maldives (BBAM) Mr. Ibrahim Hameed. In addition to this, the President of Asian Bodybuilding Federation Mr. Datuk Paul Chua attended the ceremony as well. It was reported that over 400 participants from 24 different countries had…
State Trading Organization (STO) confirms the arrival of company’s delayed jet fuel stock to the Maldives. According to the Managing Director of the largest state-owned enterprise (SOE) of the island nation, Mr. Hussain Amru, the tanker carrying the jet fuel stock berthed in the commercial harbor earlier. The news comes amid growing woes of supply challenges faced by the Maldives Airports Company Limited (MACL) operating the Velana International Airport (VIA). Earlier, MACL reported of exponential demand growth due to which it had to place restrictions on fuel supply for airliners. The sudden upwards momentum in jet fuel supply at VIA…
State Electric Company Limited (STELCO) honors its promise of completing the installation of electricity in K. Kudagiri, the designated picnic destination for Male’ atoll. Earlier, it was announced that the picnic island will have a grand unveiling on 26th July. Prior to its opening, STELCO was contracted with the installation of electricity and street lights to illuminate the island. As per the contractual terms, STELCO has completely installed the electrical network across the island. In addition to street lights, the utility provider had installed ornamental garden lights. The project included installation of electrical cables spanning 3,000 meters across the island…
Oil prices rose on Friday, 15th July after a United States official had reported to Reuters an immediate Saudi oil output boost is not expected. On the other hand, there was indication that the US central bank may likely bump interest rates less aggressively than earlier expected, which had also contributed to crude support. Brent crude futures for September delivery surged from USD2.10 or 2.12% to USD101.2 a barrel while WTI crude hiked from USD2.18 or 2.28% to USD97.96. Meanwhile, US Federal Reserve’s policymakers on Thursday, 14th July, claimed of favoring a rate increase of 75 basis points at its…
The most recent update from Ministry of Finance on their Weekly Fiscal Development confirms the cumulative state expenditure reached MVR17,839.1 million (MVR17.8 billion) as of 30th June 2022. On the other hand, the cumulative revenues earned to the state inclusive of foreign grants reached MVR13,120.9 million (MVR13.1 billion). So far, the state has spent 76% of its budget on recurrent expenses and the remaining 24% on capital expenditure. Meanwhile, the state earned 73% of its earnings from tax sources and the other 27% from non-tax sources. The higher expenditure compared to the revenues earned meant the budget deficit expanded to…
The total revenue collection recorded for June 2022 observed an increment of 95.1% compared to the same month last year, reports Maldives Inland Revenue Authority (MIRA). The authority confirms the total revenue collection for the review month stood at MVR2.32 billion out of which 81.45 million were collected in US dollars. According to MIRA, this significant bump in the collections come due to the increment in tax collection; mainly from Bank Income Tax and Corporate Income in the review month compared to the corresponding month of 2021. In addition to this, the revenue collection to the state observed an increment…
Maldives Marketing and Public Relations Corporation (MMPRC) is promoting the island nation at the MILT Congress 2022. Held at the JW Marriott Mumbai, Juhu the MICE India & Luxury Travel (MILT) Congress which kicked off on Wednesday, 13th July will lasting until Thursday, 14th July is regarded as one of the largest MICE related tourism events in India. Informing about the event, MMPRC stated that the MILT Congress was the “perfect opportunity for potential destinations and tourism service providers to market their products to India.” The South Asian giant reportedly has a USD93 billion outbound business travel market and a…
The Euro (EUR) has reached parity with US Dollar (USD) for the first time in 20 years; meaning that the two currencies currently hold the same worth in value. On Tuesday, 12th July, trade news outlets report the Euro had hit an exchange of USD1, down about 12% since the beginning of 2022 over fears of recession in the continent coupled with high inflation predictions and energy supply uncertainty owing to the Russia-Ukraine conflict. The European Union (EU), which receives roughly 40% of its gas through Russian pipelines before the war, is currently attempting reduce its dependence on Russian oil…