Author: Mohamed Reehaan
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…
Maldives Marketing and Public Relations Corporation (MMPRC) is maintaining the destination momentum in the largest single-country source market to the island nation in 2022; India. The premier tourism promoter has ensured sustaining the momentum of the island nation’s brand presence and popularity in the Indian market through a wide variety of activities and participation in some of the most prominent fairs and exhibitions. Among the events in which MMPRC had taken part in India to boost the island nation’s popularity in the market include the OTM 2022, SATTE 2022, and most recently the TTF 2022. Other activities had included an…
Oil in the global market has been observing some volatile behavior in recent weeks. On Tuesday, 12th July, it was reported that oil posted a sharp decline as US trading commenced. This new drop in oil prices may be attached to concerns about a global economic slowdown. Meanwhile, West Texas Intermediate lost as much as 6.9% to slip under USD97 a barrel while Wall Street trader lower while the dollar rose. Oil in the US trading market shows bearish sentiment over rising virus cases in China and a possible and impending US inflation data stoke concerns about demand. “Crude trading…
Foreign delegates have begun arriving in the Maldives for the 54th Asian Bodybuilding and Physique Sports Championship 2022, which will reportedly kick off on 15th July. Meanwhile, a total of 30 international athletes from the Asian region are expected to compete alongside 20 local athletes in multiple categories in the event, while its host; the Bodybuilding Association of Maldives (BBAM) claims that this will be the biggest sporting event ever held in the island nation so far. Among the notable arrivals for the event include the President of Asian Bodybuilding Federation Datuk Paul Chua and the Chairman of the federation’s…
The tourist arrivals to the Maldives continue with its steady trajectory, as it was reported that the annual total of guests flocking to the island nation has crossed over 838,000 by the end of the first week of July 2022. Ministry of Tourism, the mandated government body on tourism industry and tourist movement reported a total count of 838,225 holidaymakers visiting the Indian Ocean archipelago by 06th July 2022. Tourist arrivals in annual terms has recorded a 59.3% increment, in comparison with the same period in 2021 during which tourist arrivals were recorded at a total of 526,080. Despite this,…
According to the Maldives Monetary Authority (MMA) tourist arrivals increased by 94% in May 2022. The authority, in its most recent Economic Update highlighted that apart from tourist arrivals, tourist bed-nights observed a significant improvement by 43% in the review month, in comparison with the corresponding month in 2021. Tourist arrivals exclusively for the month of May was recorded at 125,552, which is an increment of 22% when compared with May 2019. The annual increment in tourist arrivals reflected the surge in arrivals from prominent markets such as India as well as bump from European market. The highest number of…
The Ministry of National Planning, Housing and Infrastructure (MNPHI) reports of receiving over 4,000 applications for the Greater Male’ Region housing and land plot scheme. According to the ministry, since the date of announcement until now, it had received a total of 4,061 such applications via the “Gedhoruveriya” online portal. Under the scheme, the ministry will be issuing 1,000 plots from Hulhumale’ and 2,000 plots from the Gulhifalhu; which is achieved through a land reclamation project that is currently in progress. In addition to this, the ministry announced housing flats of 4,000 units from Hulhumale’ Phase II as well. The…