Author: Mohamed Reehaan
According to the latest updates from Ministry of Finance, the cumulative total of state expenditure as of 20th January 2022 has reached MVR616.1 million. The cumulative total of state revenue by the review period has reached MVR492.6 million. The expenditure composition confirms that 75% of the expenses have been directed towards recurrent needs and the remaining 25% on capital expenses. On the other hand, revenue composition reveals 70% of the total came from tax revenues and the remaining 30% came from non-tax sources. Meanwhile, the overall balance for the period is a deficit of MVR123.5 million. As of 20th January…
According to the latest updates from Maldives Inland Revenue Authority (MIRA) the state government collected a revenue total of MVR4.28 billion during the last quarter of 2021. Moreover, according to the taxation and revenue authority the revenue collected in the review period observed a 126.0% growth when compared with the corresponding quarter in 2020. In addition to this, the revenue collection for the review period also increased by 47.4% when compared with initial projections for the quarter. MIRA reported that the hike in revenue collection is mainly attributed to the increment in TGST, GGST, Tourism Land Rent, Green Tax, Airport…
Maldives Minister of Foreign Affairs Mr. Abdulla Shahid confirms Maldivian government’s support for Saudi Arabia’s bid to host the World Expo 2030 at Saudi Arabian capital, Riyadh. The Maldives government’s support was affirmed by Mr. Shahid via a phone conversation with his Saudi counterpart, Prince Faisal bin Farhan Al Saud on Wednesday, 26th January 2022 evening. During the conversation, Minister Mr. Shahid had further discussed on bilateral affairs and discoursed on methods to enhance better cooperation between the two countries. In addition to this, another major topic of discussion between the two was related to the infrastructural development projects in…
Maldives Ports Limited (MPL) has contracted multiple port developments projects to Maldives Transport and Contracting Company (MTCC) on Thursday, 27th January 2022. The signing took place on Thursday morning during a special ceremony held at the MTCC headquarters. MPL CEO Shahid Ali and Chief Engineer Adam Mohamed signed on behalf of the port authority while Shahid Hussain Moosa, CEO of MTCC signed on behalf of the contractor. The redevelopment of Kulhudhuffushi City port includes dredging and excavation of the bay channel along with the construction of a quay wall, revetment and installation of navigation lights. In addition to this, the…
Movenpick Resort Kuredhivaru Maldives, a five-star luxury standard tourist abode situated in Noonu atoll launches its first week-long wellness program. Dubbed the ‘Go Healthy & Fit’, is perfected as a wellness and healing program that promotes towards an active and healthier lifestyle for the tourists. According to the resort, the week-long wellness program combines “daily fitness consultations, health meal plan advice based on the resort’s Go Healthy dishes” which are available in all of the menus. In addition to this, the program caters to a diverse exercise regimen and a results-oriented spa treatment program. The program includes; 06 spa treatments…
The latest generator acquisition to Alif Alif atoll Maalhos, provided by State Electric Company Limited (STELCO) increases overall power-output capacity. According to the utility provider, the generator, assembled and distributed under STEWO, the corporation’s workshop department, was recently shipped to Maalhos. With the addition of the new generator, the total output capacity of the island has increased to 679 kilo-Watts. STELCO confirms that the 200 kilo-Watt generator had been commissioned at the island’s powerhouse and is already under use. Previously the total power output capacity of the lower-central atoll island was at 479 kilo-Watts according to the utility provider.
Bank of Maldives (BML) donates educational tools to equip Special Education Need (SEN) classrooms in nine different schools. As such, the donations were provided to nine schools in nine different local islands from across the island nation. The bank reports that the donations were made as part of BML’s CSR strategy to “support person with disabilities”, while it was further confirmed that the national bank of the country will aid more than 330 students to develop their individual abilities and “positively impact learning and development in an inclusive environment.” Bank of Maldives extended their donation aids to; Shaviyani Atoll Funadhoo…
State Trading Organization (STO) confirms on their latest revision of fuel prices in the Maldivian market. According to the largest state owned enterprise in the island nation, the changes to petrol and diesel prices are reflective of the surge in the import cost, stemming from the continued rise in the fuel prices in the international market. The revised prices of fuel from refilling sheds and stations are; Diesel – MVR12.44 per liter Petrol – MVR12.06 per liter Despite the challenges faced due to surging prices in the international market, STO aims to provide fuel to Maldives consumer base at the…
The latest updates from Ministry of Tourism confirm that the total number of tourist arrivals to the Maldives as of 19th January reached 82,478. Moreover, the arrival count as of the review period is a 48.0% improvement over the same period in 2021 during which the arrival count reached 55,729. However, compared to the same period in 2020 it is still 26.15% below since in 2020 the arrival total by the period stood at 107,288. On the other hand, the arrival total for 2022 is 7.73% below pre-pandemic level since the arrival total for the same period in 2019 stood…
Maldives Marketing and Public Relations Corporation (MMPRC/Visit Maldives) has launched a campaign with News UK in order to strengthen the island nation’s popularity in the UK markets as a holiday destination. According to the tourism promoter, the destination promotion campaign will run for a duration of one-month from January to February 2022. The collaborator of the campaign, News UK is a mass media company which distributes news through conventional newspapers as well as through websites and broadcasting. Moreover, they are the current publishers of The Times, The Sunday Times and The Sun. Under the campaign, articles about the Maldives including…