Author: Mohamed Reehaan

According to Ministry of Finance, the year-to-date update on state revenue indicate a total of MVR128.1 million collected as fines by July end. Moreover, the state body confirms the review period is from January 2021 until July 2021 which had shown an improvement of 48.9% in the review period. As per Ministry of Finance, state collected a total of MVR77.8 million during the same period in 2020. On the other hand, state received a total of MVR87.2 million as grants from January until July of the current year whereas, during the corresponding period of last year the grant total stood…

Despite the recent improvements in the island nation of Maldives against Covid-19 pandemic, the country finds itself still on the ‘Red List’ of United Kingdom. The UK ‘Red List’ is a list based on severity of Covid-19 cases in other destinations outside the European nation. According to UK, citizens of the countries under the ‘Red List’ have been completely restricted from entering the European nation while those who have traveled to said Red List countries will be allowed entry into UK, only if they are British or Irish nationalities. Moreover, individuals holding residence rights in the UK are among those…

Sunday, 08th August – Maldives Transport and Contracting Company (MTCC) report on the latest updates of the Haa Dhaal atoll Nellaidhoo harbor development project. According to the contractor, the work on designing and building the harbor has observed an overall 83% progress. Meanwhile, MTCC is constructing the quay wall along with the installation of the harbor pavement with progress of each component at 97% and 96% respectively. Furthermore, scope of work for the project include dredging and reclamation operations spanning 62,863 cubic meters along with the construction of a breakwater stretching 331 meters and the quay wall which will measure…

Sunday, 08th August – One of the latest additions to the ever-growing chain of luxury resorts in the island nation, the Radisson Blu Resort Maldives has celebrated its first anniversary with a week of fun and frolics. The top-tier, holiday destination celebrated the anniversary in a sunset party with food and delicacies served alongside cultural drum-fare performances. Moreover, the celebratory ceremony included lucky draw prices along with gifts as well as a cake-cutting event. The resort’s management held a special team party as part of the celebrations at the newly built island village garden, with staff members receiving special appreciation…

Sunday, 08th August – The latest updates from Ministry of Tourism reveal over 630,000 tourists visiting the island nation so far in 2021. According to the state body, they have recorded a total of 630,943 holidaymakers flying into Maldives from 01st January up to 04th August 2021. The island nation has been gradually recovering from the heavy blow felt during the nationwide outbreak of Covid-19 in 2020. Meanwhile, back on 16th July the Ministry of Tourism had reported an annual total arrival of 555,006 tourists to the island nation and by the end of the month the annual total had…

Health Protection Agency (HPA) of Maldives confirm successful vaccination of over 278,000 individuals so far, against the Covid-19 virus. As per the latest statistical updates from the authority, a total of 278,469 residing in Maldives had received the second dose of the vaccination against the viral contagion – the update was dated 04th August, Wednesday of the previous week. Moreover, the health authority confirm a total of 326,339 people receiving their first dose of the vaccine. A significant amount of individuals working in the tourism industry of Maldives are among those who have received full vaccination. Meanwhile, Ministry of Tourism…

The latest updates from Ministry of Finance reveal the cumulative total of state expenditure has reached MVR15,206.3 million (MVR15.2 billion) as of 29th July 2021. On the other hand, due to the Covid-19 pandemic continuing to impact the economy, the cumulative total of state revenue trails comparatively behind expenses with a collection of MVR9,942.3 million (MVR9.9 billion). Meanwhile, as per the figures of the review week, the overall balance is a deficit of MVR5,264.5 million (MVR5.3 billion). So far, state had spent 76% of its spending budget towards recurrent needs with the remaining 24% concentrated on capital expenditure. Tax revenue…

Wednesday, 04th August – State Trading Organization has introduced KONE escalators in Maldives. Following a special signing ceremony held between SJ Construction STO for the supply of KONE elevators and escalators, the introduction was officially made. Earlier, the largest state-owned enterprise in the country had introduced the brand’s elevators which had met great demand in Maldives as well. Moreover, STO reports that their newest introduction to Maldivian market, the KONE TravelMaster 110 will be installed at the SJ Mall developed at Hulhumale’. Under the agreement STO will supply and install 02 of these escalators at the mall. Meanwhile, STO’s General…

Maldives Inland Revenue Authority (MIRA) reports a cumulative total of MVR153 million in revenue for the period between 25th to 31st July 2021. Moreover, the revenue and taxation authority detailed out on weekly collections which included TGST, GGST along with Green Tax, Business Profit Tax as well as non-tax revenues such as Tourism Land Rent. As per MIRA, state earned a total of MVR71.8 million in TGST for the final week of July, and MVR56.4 million in GGST during the same period, marking a 29.4% and a 147.9% increment respectively on weekly terms. Meanwhile, TGST collection for the previous week,…

Maldives government has spent a total of MVR3,752 million (MVR3.75 billion) towards Covid-19 related efforts. According to the latest updates from Ministry of Finance, the total health and social spending as of 29th July stood at MVR1,979.2 million (MVR1.98 billion); just a 0.1% increment from the week before. Moreover, during the review period 36.2% of the total spending under health and social efforts, were reportedly “committed-spending.” As for week-on-week terms, Hulhumale’ Hospital had registered the highest spending figure compared to its peers. Meanwhile, total disbursements made to Economic Response Plan (ERP) schemes reached MVR1,772.8 million (MVR1.77 billion), which observed a…