Author: Mohamed Reehaan

Asian Development Bank (ADB) extends USD10 million to Maldives government. Ministry of Finance confirms the aid will be concentrated on Covid-19 vaccine procurement, logistical aspects of the vaccine and administrative expenses tied to it. ADB while extending its grant, acknowledged strides made by Maldives government in combatting the viral pandemic. The global financial institute ensures its support towards establishing cold storage for Covid-19 vaccine. ADB will further assist in delivery and monitoring of the vaccine. The aid will benefit state efforts in enhancing healthcare and medical sector in the country. Additional components under the aid include establishment of a central…

State Trading Organization (STO) signs on as the main sponsor of Maldives Accountants Forum 2022. The forum is run by Institute of Chartered Accountants of the Maldives (CA Maldives), run annually. The 2022 edition of the forum is scheduled from 29th to 30th October. CA Maldives, on Sunday signed with the forum’s core sponsors which include; Dhiraagu Maldives Transport and Contracting Company (MTCC) Maldives Pension Administration Office (MPAO) In addition to the core sponsors, Bank of Maldives (BML) signed on as the forum’s banking partner. According to CA Maldives, the 2022 edition’s theme for the forum will be “Economic Transformation…

The International Islamic Trade Finance (ITFC), a member of the Islamic Development Bank Group (IsDB) signed two landmark agreements to support essential commodities sector in the Maldives. The landmark agreement signing were witnessed by Minister of Finance and IsDB Governor Ibrahim Ameer, during an official visit of Eng. Hani Salem Sombol, the Chief Executive Officer of ITFC. ITFC signed a USD189 million financing facility with State Trade Organization (STO), with the latter’s Chief Executive Officer Mr. Hussain Amru signing on behalf of the Maldivian state-owned enterprise (SOE). STO attests this financing, which is a renewal and increment on the existing…

Maldives government has signed an agreement towards enhancement of Hanimaadhoo International Airport. As the agreement the international airport in the upper-north atoll will undergo heavy redevelopment efforts, to transition the venue for more contemporary standards. On Sunday, 25th September 2022, JMC Projects (India) Pvt Ltd, the contract winner, signed the agreement with Maldives government, for one of the most expensive projects outside of Greater Male’ region till date. The project total is reported at a staggering MVR2.1 billion. The project will be funded through India EXIM Bank’s line of credit, which was signed earlier in 2019. Major project particulars include…

Britain’s flagship carrier, British Airways, is set to increase weekly flights next month. The airline will increase weekly flight landings to four, starting from 14th October. Meanwhile, the carrier is reportedly gearing up to launch its daily flight operations to the Maldives. On 30th October, British Airways will commence their daily direct flights. British flagship carrier will be operating a total of four classes of its Boeing 777 aircraft. The carrier launched its debut operations to the Maldives in 2015, and continued until the global flight movement restriction in 2020. Following the Covid-19 pandemic, British Airways, similar to other international…

Maldives Marketing and Public Relations Corporation (MMPRC) represented the island nation tourism industry to travel trade and consumers at Tourism Expo Japan 2022. This marks the first in-person event MMPRC is partaking in the Japanese market since the onset of the Covid-19 global pandemic. The event kicked off on 22nd September, and will run until 25th September. The event is internationally recognized as one of the largest travel agents in Japan. The expo serves as a stepping stone for the development of outbound, inbound and domestic travel from Japan. MMPRC showcased the Maldives at a 63 square-meter stand space, showing…

Tourist arrivals to the Maldives exceed 1.15 million as of 21st September, says Ministry of Tourism. According to the state body, tourist arrival total as of the review date stood at 1,157,183. This marks a 37.7% annual increase when compared with the same period in 2021. Tourist arrivals in annual terms for the corresponding period last year stood at 840,099. Despite this strong improvement, tourist arrivals were still 4.7% below pre-pandemic levels in 2019. For the same period in 2019, tourist arrivals stood at 1,214,462. Source market ranking remains unchanged. Details are as follows; India – 163,717 Russia – 137,501…

President Ibrahim Mohamed Solih on Wednesday, 21st September, ratified the seventh amendment to the Maldives Employment Act (2/2008). The amendment was passed by Maldives parliament on Wednesday, 21st September, at the 16th sitting of the parliament’s third session this year. The amendment stipulates that the Minister of Economic Development, upon recommendation from the Minimum Wage Advisory Board must announce a date of implementation of minimum wages for expatriate workers. This implementation must reflect the economic situation, self-sufficiency and productivity of the country. The minimum wage for expatriates have been postponed for an indefinite period, in light current global economic conditions.…

State revenue and grants for July 2022 stood at MVR3.03 billion, observing a 174.5% increment compared to same month last year. In July 2021, total revenue and grants to the state stood at MVR1.1 billion, reports Ministry of Finance. According to Ministry of Finance, in its recent Monthly Fiscal Developments, the significant proportion of the relative increase is owed to income tax deadline coinciding with July. On the other hand, total expenditure for the month increased by 12.6% compared to the same month in 2021. Capital expenditure increased by 1.4% and recurrent expenditure by 18.2%. Fiscal balance exclusively for the…

The cumulative total of state expenses reach MVR25.6 billion as of 15th September, reports Ministry of Finance. On the hand, state revenues reach MVR19.4 billion by the review date. State spent 73% of the budget on recurrent expenses so far in 2022, while 27% was spent on capital expenditure. Meanwhile, state earned 74% of its revenue from tax sources and remaining 26% from non-tax sources. The overall balance for the period is a deficit of MVR6.2 billion. Cumulative total of tax revenues as of 15th September stood at MVR14.2 billion. For the same period last year, it was at MVR9.6…