Author: Mohamed Reehaan

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…

Minister of Finance Mr. Ibrahim Ameer has noted that seeking foreign aid to supplement a budget support will be challenging amid the ongoing geopolitical conflict between Russia-Ukraine. The ongoing conflict between the two nations have been putting several dents on the global economy, which in turn as a ripple effect has been felt across various economic sectors of the Maldives as well. During the press conference on Monday, 5th July, the minister highlighted on the restrictions Maldives has a developing economy in seeking low-interest foreign loans. “Foreign countries and international financial institutions will be providing grants and loans for development…

According to Minister of Finance Mr. Ibrahim Ameer, the planned hike in Goods and Services Tax (GST) will push the country’s inflation rate upwards in 2023. Though the inflation rate in terms of Maldives Consumer Price Index (CPI) are expected to increase, it will bump by just 1% according to the minister. Minister Ameer, during the press conference held on Tuesday afternoon at the President’s Office confirmed of strong impetus by the state to revitalize the fiscal strength of the country. The ministry was engaged in discussions with both International Monetary Fund (IMF) and World Bank to seek solutions for…

The government of Maldives on Tuesday, 5th July, announced its decision of bumping taxi fare rates in Greater Male’ Region. According to Maldives Ministry of Transport, this change will be effective from Wednesday, 6th July onwards. The changes to taxi fare rates include; Inland travel (in Male’ and Hulhumale’) – MVR30 (previously for MVR25) Male’ to Hulhumale’ Phase I – MVR85 (previously for MVR75) Male’ to Hulhumale’ Phase II – MVR100 Male’ to Hulhule’ – MVR70 Hulhumale’ Phase I to Hulhule’ – MVR80 Hulhumale’ Phase II to Hulhule’ – MVR85 Hulhumale’ Phase I to Hulhumale’ Phase II, and vice-versa -…

Maldives Airports Company Limited (MACL) reports of growing demand for jet fuel from airlines. The company which had facilitated 10,000 liters of jet fuel to airlines on a daily basis has been refueling 40,000 liters of jet fuel to planes daily, according to MACL’s Deputy Managing Director Mr. Ibrahim Thoha. Thoha had further highlighted on the expected challenges MACL may face in providing fuel to airlines at such conditions. “All return flights from Sri Lanka are landing here [VIA] for refueling while some of these planes are refueling at extensive capacities. The demand has exponentially rise, which is a challenge…

The weekly revenue collection posted by Maldives Inland Revenue Authority (MIRA) indicates a strong collection of Corporate Income Tax or Business Profit Tax. From 26th June to 02nd July 2022, the authority reported a total collection of over MVR475 million in Corporate Income Tax or BPT. Other major tax groups during the review week include GST collected from the tourism sector (TGST) which was reported at MVR207.3 million and GST collected from non-tourism sector (GGST) which was reported at MVR164 million. During the week, Tourism Land Rent collection was reported at MVR245 million while Green Tax collection was reported at…

The Government of Maldives and World Bank has signed on two grant agreements with a collect grant extension of USD34 million (MVR524 million) to strengthen the pension and safety nets for Maldivian workers and improve employability. In addition to this, the grant will be utilized to leverage digital technologies for the development and climate resilience as well. The agreements were signed at the Ministry of Finance between Minister of Finance Mr. Ibrahim Ameer and Mr. Faris H. Hadad-Zervos, the Country Director for Maldives, Nepal and Sri Lanka of World Bank. “The Maldives and World Bank has enjoyed a strong partnership…

HSBC celebrates 20 years of service in the Maldives. The anniversary was marked in the bank’s newly refurbished sky branch in Maldives Capital, Male’ City. The celebration of the bank’s continued operations for two decades in the island nation was graced by the Governor of Maldives Mr. Ali Hashim along with Mark Surgenor, the Chief Executive of HSBC Sri Lanka and Maldives. The bank was first setup in the island nation in 2002 as a fully-fledged branch of HSBC catering to corporate banking customers. While the previous branch was situated in the MTCC building in Boduthakurufaanu Magu, before its most…

Outrigger Maldives Maafushivaru has nabbed the title of “Best Luxury Hideaway Resort in Maldives, 2022” in this year’s Luxury Lifestyle Awards. The top-tier tourist resort boasts of 81 luxury villas in five distinct categories which include beach, pool and two-bedroom accommodations and the overwater bungalows. “Outrigger Maldives Maafushivaru sparkles with breathtakingly beautiful nature alongside elegant accommodations. We are so proud that our delightful hideaway has already been recognized by the experts from Luxury Lifestyle Awards,” the resort’s General Manager Mr. John Allanson commented. He further added, “The Outrigger Way [of] commitment to authentically caring for our guests, alongside the bewitching…