Author: Mohamed Reehaan

Tuesday, 13th July – Maldives Transport and Contracting Company (MTCC) reports latest developments of Gaaf Alif Vilingili harbor project. According to the contractor, the overall progress of the design and development of the island’s harbor has already reached 70% completion. Meanwhile, MTCC is executing the dredging works on the island’s existing harbor’s basin. The task itself has reached an 82% completion already. Work scope for the project includes harbor basin and channel dredging operations which amounts to a total of 71,519 cubic meters in volume. Dredging has commenced from the existing harbor basin, which will progress towards new channel dredging.…

Maldives Transport and Contracting Company (MTCC) reports on delivering the second shipment of rock boulders to Noonu atoll Miladhoo project site. According to the contractor, the second shipment of rock boulders will be utilized for the construction of the island’s breakwater which fall under the harbor development project. Furthermore, MTCC had confirmed on delivering the shipment on 08th July, Thursday – previous week. The project scope consists of dredging and excavation operations spanning 37,222 cubic meters along with the construction of a revetment and a quay wall measuring 137 meters and 286 meters respectively. MTCC is currently executing the construction…

Bank of Maldives (BML) has announced the last date to submit application for the Covid-19 Economic Stimulus Loan scheme. According to the national bank of the country, they will be accepting applications until 17th July 2021, in light of applications already exceeding the limit. Moreover, the bank had confirmed that the requests will be reviewed on a “first-come-first-serve” basis. Meanwhile, the bank reports that the allocated funds under the loan scheme are limited as well. However, it had confirmed that further applications will be invited at a later date if funds are available after the evaluation of the existing applications.…

Maldives Inland Revenue Authority (MIRA) reveals the state revenue collection exclusive for the month of June 2021. According to the taxation and revenue collection authority, the state revenue for the review month hit MVR1.19 billion – inclusive of USD collection. Moreover, the revenue collected in USD exclusively reached 54.98 million. Furthermore, MIRA testifies the revenue collection for June 2021 observed a significant 326.2% increment in comparison with the same month of 2020. On the other hand, the revenue collection recorded for June 2021 was a 3.2% improvement on initial projections as well. Highlighting on the significant improvement in state revenue,…

The Kuwait Fund has signed on with Maldives government for the provision of additional financing for the Velana International Airport development project. Ministry of Finance on Monday, 12th July, reported that the signing took place between Minister of Finance Ibrahim Ameer and Nedhal A Al-Olayan, the Deputy Director General for Administration and Finance Affairs of Kuwait Fund. The arrangement will ensure Maldives state provisioned with an additional KWD15 million towards the expansion and upgrading project of the island nation’s main gateway.

The state expenditure has reached over MVR13 billion as of 01st July 2021, reports Ministry of Finance. In the latest update on the ministry’s “Weekly Fiscal Developments” it was reported that the cumulative total of state expenditure has reached precisely to MVR13,445.0 million (MVR13.4 billion). Meanwhile, the cumulative total of state revenue inclusive of foreign grants have reached up to MVR9,159.0 million (MVR9.2 billion). Moreover, the expenditure composition reveals 77% of the total spent on recurrent expenses while the remaining 23% had been spent towards capital expenses. On the other hand, 75% of the total revenue had been earned through…

Maldives Transport and Contracting Company (MTCC) on Sunday, 11th July confirmed on their progress at Thaa atoll Guraidhoo harbor development project. According to the contractor, with the project underway, the scope of work have already observed an overall 60% progress. Furthermore, MTCC notified that rock boulder shipment, that will be utilized for breakwater construction had been delivered on 06th July, the previous week. MTCC had detailed on the project scope, revealing the components of the harbor development consist of dredging and excavation operations spanning 24,485 cubic meters. Meanwhile, the breakwater construction is expected to commence soon while the structure will…

Maldives Transport and Contracting Company (MTCC) on Sunday, 11th July revealed their progress of the road construction project in Gnaviyani atoll Fuvahmulah. According to the contractor, the project consisting of the construction of the island city’s internal roads are well underway with n overall 50% progress progress. Moreover, MTCC was currently installing both the settlement tanks and electrical junction boxes – both of these tasks are at 71% and 70% completion, respectively. The project scope of works includes base preparation in a total area of 122,659 square meters as well as asphalt wearing course spanning 95,239 square meters in area.…

Bank of Maldives (BML) on Saturday, 10th July, announced on financially supporting to build a beach shed to enhance the Hulhumale’ beach library – “Foiy Gaadiya”. According to BML, they aim to provide a more permanent solution for the beach library from damages sustained during bad-weather days. The beach shed will attempt to shelter the contents of the beach library from such climatic interferences while “making the space more accessible for the community.” The project will see the Hulhumale’ beach library receiving a ‘makeover’ in the form of a traditional Maldivian hut – “Haruge” – that will shelter the books…

Ministry of Finance revealed official amendments to the remuneration of Managing Director and Deputy Managing Director positions of State-Owned Enterprises (SOEs). Moreover, the state body confirms the remunerations of MDs and DMDs of State-Owned Enterprises have been incremented post categorizing the SOEs in a specific hierarchy. The ministry in a circular to all the SOEs following their review of salaries and allowances of company board members, Chairman as well as MDs and DMDs said that the Managing Directors of the lowest tiered SOEs will receive an increment to their salaries between MVR10,000 to MVR15,000. Basic salaries of MDs and DMDs…