Author: Mohamed Reehaan

Maldives Monetary Authority (MMA) project the country’s economic recovery trajectory will maintain traction in 2023, despite negative global impact. The Maldives central bank report’s the country’s domestic economy will grow by 12.3% by 2022 end. Domestic economy will reach pre-pandemic levels of output by the end of the current year. This growth comes from strong performance of tourism sector, with tourist bed nights registering 33% growth in first three quarters of 2022. The sector’s growth expects further growth in 2023. The country’s real Gross Domestic Product (GDP) growth of 7.6% is greater than the average growth rates registered by domestic…

Housing Development Corporation (HDC) announce a new integrated tourism project, dubbed the ‘Urban Isle’. The project was announced by HDC Managing Director Ahmed Athif at the 2022 edition of the Gold 100 Gala held at CROSSROADS Maldives. Speaking about the urbanization effort, situated at the northern-most end of Hulhumale’ Phase II, Athif said the large scale project was not “just for large investors but also for small and medium businesses as well”. The project covers 23 hectares of land area, with multiple accommodation options ranging from villas, service apartments along with different hotel categories. Investors have the option to propose…

United Nations Development Project (UNDP) Maldives conclude its first pilot program of women’s economic empowerment, focusing on Dhaalu atoll Women’s Development Committees and councils. The three-part training included full participation of Dhaalu atoll WDCs and council members. The main goal of the program was to empower elected women leaders to champion economic empowerment. Topics such as women’s development committees and the law, finding business ideas, setting business goals, risk management and business idea testing were discussed.

Bank of Maldives announce the winners of their Small Grants Fund. The fund was introduced as part of the series of 12 high-impact monthly community initiatives to celebrate the bank’s 40th anniversary, celebrated this year. The Small Grants Fund was announced to support local non-government organizations (NGOs) to implement community-based projects. These projects, according to the bank guidelines should focus on addressing environmental issues and promoting sustainable development. The winners will receive a grant of MVR250,000 each, to implement their plans. The eight winners include; Maldives Ocean Plastic Alliance (MOPA) Huvadhoo Association for Tourism (HAT) Vaadhoo Association for Future Development…

Maldives Marketing and Public Relations Corporation (MMPRC) announced request-for-proposals (RFPs), seeking a host property for next year’s largest destination marketing event; ‘The Visit Maldives Storytellers’ Conference 2023′. According to MMPRC, the event is scheduled for May next year. The “Visit Maldives Storytellers’ Conference” will begin on 07th May 2023, to promote the destination and showcase the unique tourism experience offered by Maldives. With the conference, MMPRC aims to position the country beyond the “traditional sun, sand, and sea” while increasing awareness on MICE and sustainable tourism segments among influencers, bloggers and travel writers. The event is expected to bring together,…

International Maldives Travel Market announce the third edition of its Sustainable Tourism Forum (STF) 2022 will be held at Manhattan Business Hotel, Male’ City. The IMTM Sustainable Tourism Forum is a travel-centric platform connecting stakeholders of Maldives tourism industry, and encourage them to engage in dialogue on issues related to social, economic and environmental sustainability in the tourism sector. The forum’s organizer aims provide education and inspire the industry as a whole, to make the island nation a sustainable tourist destination. The third edition of STF is scheduled on 3rd and 4th December 2022. The primary theme for this year’s…

Maldives government has sold MVR3.49 billion worth of treasury bills (T-Bills) to fund state expenses, report Ministry of Finance. The ministry on 16th November 2022, confirmed the sale of T-Bills stood at MVR3.3 billion. Following this update, the more recent statistical update from the state body show the total T-Bills had reached to MVR3.4 billion from the date of previous announcement. Repayments MVR453 million worth T-Bills | Repayment Period: 28 days MVR333.7 million worth T-Bills | Repayment Period: 98 days MVR999.8 million worth T-Bills | Repayment Period: 182 days MVR1.7 billion worth T-Bills | Repayment Period: 364 days T-Bill interest…

Government of India extends a financial assistance worth USD100 million to the Maldives, amid economic challenges the island nation face. At the handover ceremony, a symbolic cheque was handed by the Indian High Commissioner Munu Mahawar on behalf of the South-Asian ally to the Maldives Minister of Foreign Affairs Abdulla Shahid. This financial assistance will be provided through subscription in Maldives’ Government Domestic Treasury Bonds by State Bank of India (SBI), Maldives branch. Speaking at the event, Minister Shahid made emphasis on the effectiveness of President Ibrahim Mohamed Solih’s far-sighted foreign policy in “building the trust and confidence in Maldives…

State revenues, inclusive of grants for October 2022 stood at MVR1,514.0 million (MVR1.5 billion), observing a 0.5% decline from the same month in 2021. Total expenditure for the review month declined by 4.1% compared to October of last year. Capital expenditure however, saw an increment of 16.7% while recurrent expenditure registered a 4.1% decline. The fiscal balance for the month of October 2022 gives an overall deficit of MVR1,352.9 million (MVR1.35 billion). Expenditure Composition Administrative and Operational Expenses: 42.2% Salaries, Wages and Pensions: 32.3% Infrastructure Assets: 21.2% Lending: 1.8% Development Projects and Investment Outlays: 1.7% Capital Equipment: 0.8% The cumulative…

According to Ministry of Finance, Green Tax collection reached MVR61.7 million in October 2022. The total Green Tax total for the month was recorded at MVR61,657,021, as per the recent statistics from the ministry. The tourist property composition of green tax collection include; Tourist properties (resorts, hotels and guesthouses): MVR60,029,890.32 (MVR60.0 million) Liveaboards/Vessels: MVR1,625,933.67 (MVR1.63 million) Homestays: MVR1,196.52 Top collections (from atolls); Kaafu Atoll: MVR21,911,566.07 (MVR21.9 million) Raa Atoll: MVR4,741,250.36 (MVR4.74 million) Alif Alif Atoll: MVR4,597,157.91 (MVR4.6 million) Alif Dhaal Atoll: MVR4,352,611.81 (MVR4.4 million) Gaaf Alif Atoll: MVR4,194,442.56 (MVR4.2 million)