Author: Mohamed Reehaan
The Speaker of Maldives Parliament Mr. Mohamed Nasheed has warned on state reserve’s expected drop to critical levels by July 2022. Nasheed’s comments followed the revelation of Ministry of Finance regarding the state debt increasing to MVR99 billion. Moreover, the Parliament Speaker had spoken about restructuring the debt back in 2019 and followed up on it in 2020 due to its negative future implications, while Nasheed noted that the state will face further challenges in maintaining the debt obligations by 2023. Furthermore, Nasheed noted on the ambiguity surrounding debt repayment within the following few months with regards to the approaches…
State Electric Company Limited (STELCO) will reportedly install electrical network on its own expense at the two housing towers in Hulhumale’ Phase II. The social housing towers that are developed by the utility provider aims to provide housing solutions for the company’s employees and their families. Furthermore, on Saturday evening, 04th June, STELCO confirmed its board of directors’ decision to initiate installation of electricity in the housing towers. STELCO moved forward with the decision to expedite completion of the housing towers to ensure they are livable by July 2022. The company has pledged on allocating the apartments to its staff…
The latest update from Ministry of Tourism reveals that the tourist arrival to the Maldives increased by 55.0% on annual terms by May 2022 end. As per the latest statistical updates from the ministry, tourist arrivals were observed at a total of 706,468 by 01st June 2022. Meanwhile, the total tourist arrivals for the month of May exclusively was recorded at 125,522 observing an increment of 94.3% for the month when compared with the same month in 2021 during which the total tourist arrivals were recorded at 64,613 and in 2020 arrivals in May were recorded at just 41. On…
According to the latest update from Ministry of Finance, the cumulative total of state expenditure has reached MVR14,047.3 million (MVR14.0 billion) as of 26th May 2022. On the other hand, the cumulative total of state revenues inclusive of foreign grants reached MVR11,136.3 million (MVR11.1 billion). Moreover, state has spent 75% of its budget on recurrent expenses and the remaining 25% on capital expenses. Meanwhile, state earned 71% of its revenues from tax sources and the remaining 29% from non tax sources. The overall balance for the period is a deficit of MVR2,911.0 million (MVR2.9 billion) owing to stronger spending against…
The International Islamic Trade Financing Corporation (ITFC) has signed with State Trading Organization (STO) to extend a credit facility worth MVR2.6 billion (USD175 million). The agreement was signed at the sidelines of the ongoing annual meeting of Islamic Development Bank (ISDB), held at Egypt. Mr. Hussain Amru, the Chief Executive Officer of STO signed on the agreement on behalf of the state-owned enterprise while Mr. Hani Halim, the Chief Executive of ITFC signed on behalf of the creditor. Moreover, the signing ceremony was graced by the Minister of Finance Mr. Ibrahim Ameer as well. The credit facility extended by ITFC,…
Bank of Maldives (BML) opens application for proposal submission under its Community Fund, marking the second phase of the fund for 2022. Under the Community Fund initiative, locally registered NGOs can access up to MVR50,000 to execute projects in the areas of education, sports, environment and community development. Moreover, the bank confirms that registered NGOs can send their proposals with supporting documents to [email protected] before 23:59hrs on 18th June 2022. BML initiated its Community Fund program to assist local NGOs to contribute towards their communities through sustainable projects. Meanwhile, the bank has assisted with a total of 65 community-centric projects…
Maldives Marketing and Public Relations Corporation (MMPRC) is showcasing the Maldivian tourism industry at one of the largest MICE fairs targeting European market – IMEX Frankfurt 2022. At the event, MMPRC along with industry partners are promoting the island nation, and how it “seamlessly merges business with leisure.” The event started off on 31st May, Tuesday and will run until 02nd June, Thursday. IMEX is the largest MICE fair held in Germany which targets businesses from Europe looking for new and exciting venues, and ways to host meetings and events. Reportedly the 2022 edition of the IMEX has attracted more…
Maldives Monetary Authority (MMA) confirms in its latest statistics that the real Gross Domestic Product (GDP) growth rate in 2022 is currently at 12.0%. According to the central bank of Maldives, the nominal GDP of the country is currently valued at MVR87,498.2 million (USD5,674.3 million). In 2021, the real GDP growth rate in annual terms was observed at 31.6% and in 2020 it had reached to negative 33.5%. Furthermore, MMA reported that the cumulative total of revenue in the Maldivian fiscal sector is currently at MVR24,279.9 million while the cumulative expenditure has reached MVR34,101.8 million. The overall balance so far…
Maldives Marketing and Public Relations Corporation (MMPRC) has signed an advertising and branded content agreement with CNN International Commercial for a new marketing campaign. Moreover, the campaign will run from June 2022 until the end of October 2022. Following two successful global campaigns with CNN, MMPRC is continuing the professional partnership to promote Maldivian tourism through local talents. The agreement was signed during a special ceremony held at MMPRC headquarters on 25th May 2022 by Chief Executive Officer and Managing Director of the tourism promoter Mr. Thoyyib Mohamed and Mr. Abhijeet Dhar, Director of Sales, South Asia, CNN International Commercial.…
The Managing Director of State Trading Organization (STO), Mr. Hussain Amru revealed the company’s plan to establish oil storage units and an international oil bunkering operation at the northern tip of the country. According to the largest state-owned enterprise’s MD, the international oil bunker operation will be established on the island of Haa Alif Ihavandhippolhu. Mr. Amru noted that the island lay closest to the route taken by international freight liners, cargo ships and other vessels. He estimated that over 300 vessels traveled through the area on a daily basis. Speaking about the importance of introducing a bunker operation, Mr.…