Author: Mohamed Reehaan

Tourist arrivals went up by 97% in June 2022, reports Maldives Monetary Authority (MMA). Bed-nights went up by 63% in the same review month as well. The comparisons are made against the corresponding month last year, reports MMA. In addition to this, bed-nights exceeded the corresponding month in 2019 as well. However, tourist arrivals for the review month were just 2% below pre-pandemic levels in 2019, during which it hit a total of 110,889. Operational bed capacity of the industry observed an increment of 9,258 beds in comparison to the same period last year. On the other hand, occupancy rose…

Maldives Monetary Authority (MMA) reports the country’s real GDP observes growth by 19.3% by Q1-2022. This rise is in comparison with the corresponding quarter of 2021, reports MMA. Additionally, annual real GDP for the review quarter is 3.1% higher than pre-pandemic levels at Q1-2019. The upturn in annual real GDP growth during the review quarter is mainly driven from the tourism sector, “largely mirroring the base effect of the gradual pickup in tourist arrivals.” Other economic sectors reflect positive performances as well. Transportation and communication, human health and social work activities remain progressive. Construction industry, which saw activity drop in…

World Bank has suggested Maldives government to raise state revenue, specifically through domestic sources. The global financial institution made the recommendation in its latest Maldives Public Expenditure Review (MPER). As per World Bank, the Indian Ocean archipelago requires to raise revenues in order to finance its spending needs. In this regards, the bank suggests Maldives to raising taxes in tourism sector, as well as from local households and firms. Several suggestions have been made by the financial institution towards achieving stronger state revenue, which include; Reduction of personal income tax threshold Introduction of a presumptive tax regime at a rate…

On Monday, 08th August, oil prices had risen up by 2% in volatile trading, bouncing off several month lows that hit the previous week. This sudden spike in global oil prices comes directly from positive economic data from both the United States and China, reports Reuters. Brent crude futures sat at USD1.73 (a 1.8% rise) at USD96.65 per barrel, US West Texas Intermediate reports a USD90.76 a barrel, up by USD1.75 (a 1.97% bump). This reverts previous weeks price drop by 13.7% amid economic recession. Global reports confirm this was the lowest drop since February of this year, and Brent’s…

Fuel Supplies Maldives (FSM) announces newest addition to its expanding fuel carrier fleet. The fuel provider on Monday, 08th August, confirmed adding a new fuel carrier barge; dubbed “Femunu” to its fleet. The vessel holds a carrying capacity of 360,000 liters of fuel. Earlier in May 2022, FSM added two fuel carrier vessels to its fleet – MV Hunike and MV Bureki – with a carrying capacity of 260,000 liters each. The fuel provider’s Managing Director Mr. Mohamed Qasam states the company’s newest addition aims to drive up fuel delivery. He notes the addition will enhance the company’s supply-demand chain.

State Electric Company (STELCO) Managing Director addresses his relief on handing over housing tower apartments to employees, ahead of academic new year. The utility provider’s MD Mr. Ahmed Shareef, made the statement at a local news broadcast channel, VTV. Shareef pledged to handover the apartments by 24th July 2022. However, due to a few unforeseen circumstances, this was delayed by 12 days from the initial slated date. Housing Development Corporation (HDC) earlier contracted installation of electrical network in the towers, to a Chinese based company. However, STELCO stepped up to complete the task as the project component faced unexpected delays.…

The United States government has donated more than 99,000 vials of Covid-19 vaccine. US government extended its assistance through USAID, reported Maldives Government. Meanwhile, Ministry of Health confirms receiving a total of 99,450 vials of the vaccine. The ministry attests US government donated the mRNA dose of the vaccine. The mRNA vaccine includes both Pfizer and Moderna; anti-body vaccine variants produced to counter effects of Covid-19 virus in patients. USAID has provided over USD7 million for various efforts by the Maldives government in countering the viral pandemic. The organization also donated a total of 60 ventilators as part of its…

Maldives government earned a quarterly revenue of MVR5.29 billion for the second quarter of 2022. Maldives Inland Revenue Authority (MIRA) confirms this, on their quarterly update. According to the authority, earnings for the review quarter observes a 55.8% increment in comparison with same quarter in 2021. In addition to this, it was a 50.2% increment from initial projection. Main revenue drivers for the state during review quarter include; Income Tax GST Land Acquisition Conversion Fee Airport Taxes and Fees In addition to this, a receipt of USD10 million as Lease Period Extension Fee also drove up the revenue for the…

State revenues are currently MVR5.04 billion less than the government expense in cumulative terms. According to the Ministry of Finance, government expenditure as of 28th July reached MVR20.78 billion. By the same period, revenues hit MVR15.74 billion in annual terms. Moreover, state has spent 75% of its budgetary total on recurrent needs, and the remaining 25% on capital expenses. On the other hand, 75% of state earnings came through tax sources and the remaining 25% from non-tax sources. As of 28th July, cumulative total of tax revenues hit MVR11.83 billion while non-tax total hit MVR3.82 billion. Meanwhile, cumulative total of…

Tourist arrivals to the Maldives reach 960,075 as of 03rd August 2022, with approximately 40,000 shy from hitting the millionth mark. According to the Ministry of Tourism, tourist arrivals in annual terms observed an increment of 53.3% increment compared to same period in 2021. However, it was still 4.8% below pre-pandemic levels in 2019. Tourist arrivals in annual terms for the same period last year stood at 626,314. By the same period in 2019, arrivals breached millionth mark to hit 1,008,734. On the other hand, tourist arrivals for July 2022 stood at 133,561 indicating an increment of 31.5% compared to…