Author: Mohamed Reehaan
The Asian Development Bank (ADB) has greenlit USD 21.95 million financing package to enhance the Maldives’ capacity to combat the effects of climate change. In a statement on Monday, ADB confirmed the financing package consists of a USD 4 million concessional loan and a USD 17.95 million grant from the Asian Development Fund. The package is aimed at supporting the Enhancing Climate Resilience and Food Security Project. The ADB Principal Natural Resources and Agriculture Economist, Michiko Katagami, noted that the majority of the Maldives’ islands lie less than a meter above sea level making the islands vulnerable to climate change.…
According to the Ministry of Finance the state’s cumulative expenditure has reached a total of MVR 38.9 billion as of October 31, 2024. The ministry in its Weekly Fiscal Developments reported that the cumulative state revenues, inclusive of grants, reached MVR 29.1 billion as of the review date. Owing to this, the overall balance for the period is a deficit of MVR 9.9 billion. Total Revenues Tax Revenues: MVR 22.3 billion Non-tax Revenues: MVR 6.3 billion Capital Receipts: MVR 10.9 million Grants: MVR 565.0 million Note: The above figures are cumulative total as of October 31, 2024 Top Revenue Contributors…
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Dusit Thani Maldives, a leading Thai-inspired luxury resort in the Maldives, has announced an exclusive partnership with BeOnd Airlines, the world’s first ultra-luxury leisure airline offering unparalleled services in luxury. This collaboration presents travellers with an exceptional opportunity to enjoy exclusive privileges when booking their next stay at Dusit Thani Maldives through the airline. Passengers flying via the airline can indulge in an exceptional offer at Dusit Thani Maldives and enjoy discounts up to 10% for stay from November 01, 2024 to April 30, 2025. Additional discounts and privileges for Dusit Gold members will be available, making the offer even…
Maldivian has announced its expansion into long-haul operations at the World Travel Market (WTM) London. The national airline of the island nation showcased a promotional video introducing its first wide-body aircraft, the Airbus A330-200, to its fleet. This expansion project aims to boost the island nation’s tourism industry by enabling direct long-haul flights to destinations worldwide. The initiative is also backed by the Maldives government which had earlier announced an annual tourist arrival target of 2 million. “The airline’s commitment to expanding its global reach will not only support the Maldives’ thriving tourism sector but also strengthen business ties with…
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The Minister of Fisheries and Ocean Resources Ahmed Shiyam on Tuesday has claimed that the current government has paid over MVR 1 billion owed to local fishers. At the press conference the ministry held to provide the latest information about its ongoing efforts, the minister said that as of October 27, 2024 the state has successfully paid all outstanding total to the local fishers earlier, and thereby, has cleared the backlog. From the time this administration took charge on November 17, 2023 to October 27, 2024, the government has disbursed a total of MVR 1.04 billion. The current administration had…
Maldives President Dr. Mohamed Muizzu has announced the launch of the ‘Hiyaavehi Financing Programme’, a state-backed initiative to support individuals and families in constructing homes on allotted land in the Greater Male’ region. President Muizzu assured that preparations are underway and technical details for the scheme will be finalized soon. This program aims to provide financial assistance for home construction on designated plots in Hulhumale’, Gulhifalhu and Giraavarufalhu. President Muizzu also shared updates on the land allocation process, confirming that plots in Hulhumale’ Phase II have been handed over, with Phase III to follow. He added that the unfinished areas…
The Maldives President Dr. Mohamed Muizzu has ratified the 7th Amendment to the Goods and Services Tax (GST) Act (Act No. 10/2011). The Amendment to the bill was passed in the 44th sitting of the 20th Parliament on October 31, 2024. As per the amendment, and its subsequent revisions to the GST Act, the Tourism Goods and Services Tax (TGST) collected from tourism-related services from January 01, 2023 will remain at 16% until June 30, 2025. Following this period, as stipulated under Section 15(b)(6) of the GST Act, the TGST rate will increase to 17% effective July 01, 2025. Earlier,…
The Maldives government has earned a cumulative total of MVR 28.2 billion revenues, inclusive of grants as of October 24, 2024, according to the Ministry of Finance. For the same review date, the government has spent a cumulative total of MVR 37.7 billion. With that, the overall balance for the period is a deficit of MVR 9.5 billion. The cumulative total of tax revenues as of the review date is MVR 21.5 billion. In the corresponding period last year, cumulative total of tax revenues reached MVR 19.7 billion. The cumulative total of non-tax revenues as of October 24 stood at…