Author: Mohamed Reehaan

The Maldivian government has signed on with India’s AFCONS Infrastructure for the Greater Male’ Connectivity Project (GMCP) which is set to link Maldives capital Male’ City with Vilimale’, Gulhifalhu and Thilafushi. Moreover, the mega infrastructure project that aims to bridge four neighboring islands via an over-water bridge structure and causeway link is regarded as the largest ever such project to be carried in the Maldives; exceeding that of the Sinamale’ Bridge project. The signing ceremony held on Thursday morning, 26th August, took place between Ministry of National Planning, Housing and Infrastructure’s Permanent Secretary Ms. Zeeniya Ahmed Hameed; who signed on…

Bank of Maldives (BML) announces on opening the application submission window for proposals under the third phase of ‘Aharenge Bank’ Community Fund for the year. Moreover, BML reports that the five best proposals “submitted will be selected during the third quarter of the year.” The ‘Aharenge Bank’ Community Fund initiative focuses on areas such as education, environment, sports and community engagement with winning proposals standing to receive funding up to MVR50,000 for project implementation. Furthermore, BML confirms that interested applicants can send their proposals with supporting documents to [email protected] before 23:59hrs of 11th September 2021. BML’s ‘Aharenge Bank’ Community Fund…

Maldives Transport and Contracting Company (MTCC) has signed up contracts with Ministry of National Planning, Housing and Infrastructure (MNPHI) towards the design and development of two harbors at Haa Alif Muraidhoo and Laamu atoll Gan. While the contractor will fully design and develop the harbor at Muraidhoo, MTCC will be upgrading the Thundi harbor at Gan. MTCC Chief Executive Mr. Adam Azim signed the agreements on behalf of the contractor company while Ms. Fathimath Shaana Farooq signed on behalf of the ministry. Meanwhile, the signing ceremony held to contract the harbor upgrading project for Laamu atoll Gan was graced by…

The Government of Maldives is set to sign on an agreement with AFCONS on Thursday, 26th August that will see India undertaking the largest ever infrastructural project in Maldives. Moreover, the newest infrastructural project in Maldives will see the country’s capital Male’ City connected with Vilimale’, Gulhifalhu and Thilafushi through an over-water bridge spanning 6.74 kilometers along with a causeway link. The project is funded under a grant and line of credit worth USD100 million and USD400 million respectively, making this the largest and the most expensive infrastructure project to be ever executed in Maldives. The Greater Male’ Connectivity Project…

The Maldives state has generated a cumulative total revenue of MVR11,138.6 million (MVR11.1 billion) as of 19th August, indicating a moderate improvement from the previous review week. Meanwhile, the state expenditure which had reached MVR16.1 billion during the previous review week, has hit MVR16,408.1 million (MVR16.4 billion) as of the current review period. Expenditure composition shows 77% of the total have been concentrated towards recurrent expenses and the remaining 23% on capital expenditure. On the other hand, 74% of revenues earned came through tax sources with the remaining 26% directed from non-tax sources. Furthermore, the overall balance for the period…

Maldives state has dissolved a total of 08 state owned enterprises from 17 such corporations that were listed for dissolution. Meanwhile, the island nation state had confirmed on commencing the process of liquidating remaining corporations listed for dissolution. Ministry of Finance is reportedly working towards liquidating the remaining 09 corporations. The state is set to completely liquidate the following corporations; Maldives National Broadcasting Corporation (MNBC) Felivaru Fisheries Maldives Kooddoo Fisheries Maldives Kulhudhuffushi Port Limited Madivaru Holdings Private Limited Gan Airport Company Works Corporation Maldives Road Development Corporation (MRDC) Hazana Maldives National Investment Management Company From the listed corporations up for…

The Maldives government has spent a total of MVR3,822.4 million (MVR3.82 billion) so far on Covid-19 related efforts. According to the latest statistical updates from Ministry of Finance, the total health and social spending reached a cumulative total of MVR2,049.6 million (MVR2.05 billion) as of 12th August, which is a 3.0% increase from the previous week. Moreover, it was reported that 34.1% of the total health and social spending during the review period had been committed-spending. Furthermore, in terms of week-on-week spending Indira Gandhi Memorial Hospital (IGMH) had registered a higher spending compared to its peers. On the other hand,…

According to the latest updates from Ministry of Tourism, the total tourist arrivals to the Maldives as of 18th August 2021 reached 700,594. Maldives tourism industry has collectively been recovering from the strong economical dent felt during 2020 over the Covid-19 pandemic outbreak in the island nation. Though the industry as a whole have yet to make stronger strides, the tourist arrivals so far has already exceeded the annual total of last year. In 2020, the total tourist arrivals stood at just 555,494 by December’s end. Moreover, the Ministry of Tourism reports a total tourist arrival of 88,227 from 1st…

The latest updates from Ministry of Finance on Weekly Fiscal Developments indicate cumulative total of state expenditure at MVR16,086.4 million (MVR16.1 billion) as of 12th August 2021. Moreover, the statistical publication also indicate that the cumulative total of state revenues inclusive of grants reached MVR10,781.1 million (MVR10.1 billion) by the review period – which shows no remarkable improvement from the week before. As for the expenditure composition, 77% of the total has been spent on recurrent needs and the remaining 23% on capital expenses. On the other hand, 73% of the revenue came from tax sources while the remaining 27%…

The staff of Bank of Maldives (BML) have organized several community activities spanning across 6 different islands to commemorate World Humanitarian Day. Moreover, BML reports these activities have been carried out at; Shaviyani atoll Funadhoo Noonu atoll Manadhoo Faafu atoll Nilandhoo Thaa atoll Guraidhoo Gaaf Dhaal Thinadhoo Addu City As per the statement released by the national bank, the activities carried out by the staff included; Public hut area renovation, upgrading the new seating areas along with lighting and furnishing at Shaviyani atoll Funadhoo Upgrading the eastern beach side with 25 “joali” seating and swings for kids at Noonu atoll…