Author: Mohamed Reehaan

Tuesday, 13th July – Maldives Transport and Contracting Company (MTCC) reports on the progress of Laamu atoll Fonadhoo road development project. According to the contractor, construction of the island’s major roads (phase-01) is well underway with an overall progress of 88%. Meanwhile, MTCC had completed the construction of carriageway, which falls under the project scope. Moreover, the project work includes construction of asphalt-laden roads in a total area of 27,848 square meters. Other components of the road development project include the installation of a storm-water management system along with installation of speed-breakers. Additional to this, MTCC will add road markings…

Maldives government had earlier reported that the state spending towards Covid-19 related efforts reached MVR3,577.8 million so far. As of 01st July 2021, Ministry of Finance revealed the state’s total health and social spending reached MVR1,804.9 million (MVR1.8 billion), marking an increment of 0.9% from the previous week. Moreover, as per the latest financial updates 41.1% of the total health and social spending for the review week had been committed spending. Meanwhile, the total economic response spending stood at MVR1,772.9 million which was without any change from the previous week. During the review week, a disbursement of MVR29.4 million had…

Tuesday, 13th July – Maldives Transport and Contracting Company (MTCC) reports latest developments of Gaaf Alif Vilingili harbor project. According to the contractor, the overall progress of the design and development of the island’s harbor has already reached 70% completion. Meanwhile, MTCC is executing the dredging works on the island’s existing harbor’s basin. The task itself has reached an 82% completion already. Work scope for the project includes harbor basin and channel dredging operations which amounts to a total of 71,519 cubic meters in volume. Dredging has commenced from the existing harbor basin, which will progress towards new channel dredging.…

Maldives Transport and Contracting Company (MTCC) reports on delivering the second shipment of rock boulders to Noonu atoll Miladhoo project site. According to the contractor, the second shipment of rock boulders will be utilized for the construction of the island’s breakwater which fall under the harbor development project. Furthermore, MTCC had confirmed on delivering the shipment on 08th July, Thursday – previous week. The project scope consists of dredging and excavation operations spanning 37,222 cubic meters along with the construction of a revetment and a quay wall measuring 137 meters and 286 meters respectively. MTCC is currently executing the construction…

Bank of Maldives (BML) has announced the last date to submit application for the Covid-19 Economic Stimulus Loan scheme. According to the national bank of the country, they will be accepting applications until 17th July 2021, in light of applications already exceeding the limit. Moreover, the bank had confirmed that the requests will be reviewed on a “first-come-first-serve” basis. Meanwhile, the bank reports that the allocated funds under the loan scheme are limited as well. However, it had confirmed that further applications will be invited at a later date if funds are available after the evaluation of the existing applications.…

Maldives Inland Revenue Authority (MIRA) reveals the state revenue collection exclusive for the month of June 2021. According to the taxation and revenue collection authority, the state revenue for the review month hit MVR1.19 billion – inclusive of USD collection. Moreover, the revenue collected in USD exclusively reached 54.98 million. Furthermore, MIRA testifies the revenue collection for June 2021 observed a significant 326.2% increment in comparison with the same month of 2020. On the other hand, the revenue collection recorded for June 2021 was a 3.2% improvement on initial projections as well. Highlighting on the significant improvement in state revenue,…

The Kuwait Fund has signed on with Maldives government for the provision of additional financing for the Velana International Airport development project. Ministry of Finance on Monday, 12th July, reported that the signing took place between Minister of Finance Ibrahim Ameer and Nedhal A Al-Olayan, the Deputy Director General for Administration and Finance Affairs of Kuwait Fund. The arrangement will ensure Maldives state provisioned with an additional KWD15 million towards the expansion and upgrading project of the island nation’s main gateway.

The state expenditure has reached over MVR13 billion as of 01st July 2021, reports Ministry of Finance. In the latest update on the ministry’s “Weekly Fiscal Developments” it was reported that the cumulative total of state expenditure has reached precisely to MVR13,445.0 million (MVR13.4 billion). Meanwhile, the cumulative total of state revenue inclusive of foreign grants have reached up to MVR9,159.0 million (MVR9.2 billion). Moreover, the expenditure composition reveals 77% of the total spent on recurrent expenses while the remaining 23% had been spent towards capital expenses. On the other hand, 75% of the total revenue had been earned through…

Maldives Transport and Contracting Company (MTCC) on Sunday, 11th July confirmed on their progress at Thaa atoll Guraidhoo harbor development project. According to the contractor, with the project underway, the scope of work have already observed an overall 60% progress. Furthermore, MTCC notified that rock boulder shipment, that will be utilized for breakwater construction had been delivered on 06th July, the previous week. MTCC had detailed on the project scope, revealing the components of the harbor development consist of dredging and excavation operations spanning 24,485 cubic meters. Meanwhile, the breakwater construction is expected to commence soon while the structure will…

Maldives Transport and Contracting Company (MTCC) on Sunday, 11th July revealed their progress of the road construction project in Gnaviyani atoll Fuvahmulah. According to the contractor, the project consisting of the construction of the island city’s internal roads are well underway with n overall 50% progress progress. Moreover, MTCC was currently installing both the settlement tanks and electrical junction boxes – both of these tasks are at 71% and 70% completion, respectively. The project scope of works includes base preparation in a total area of 122,659 square meters as well as asphalt wearing course spanning 95,239 square meters in area.…