Author: Mohamed Reehaan

President-elect Dr. Mohamed Muizzu announced Friday, November 10, that women will be appointed as the managing directors of eight state-owned enterprises (SOEs), which is aligned with the incoming government’s policy on women empowerment and female representation. Speaking at the Social Center, Dr. Muizzu emphasized his commitment to significantly increase women’s roles in the government, which was an important campaign pledge of his as well. “This marks the highest number of women appointed to lead state-owned companies in any government,” the President-elect said. Besides this, Dr. Muizzu highlighted the inclusion of women as ministers in charge of three ministries in his…

The Maldives government has contracted operations of Faafu atoll Magoodhoo Airport to Regional Airports Company Limited (RACL). Under the agreement by the Ministry of Finance contracted to RACL, all operational discretions have been transferred to the corporation. The outgoing President Ibrahim Mohamed Solih had announced the decision to extend the runway from 1,200 meters to 1,800 meters at the airport, developed at a budget of MVR 230 million. RACL reported that the airport’s fire building and terminal structures have been completed, with finishing works remaining. Besides this, a special accommodation block is under plans to facilitate lodging for private jet…

The Ministry of Finance announces bids surpassing MVR 5 million will be accepted through the bidding portal effective immediately. The bidding portal, first introduced in 2021, facilitate secure and convenient electronic bidding. The ministry said via a circular released on Monday, November 13, that all state procurements exceeding MVR 5 million will now be conducted digitally through the portal. Any procurement exceeding MVR 5 million that are part of the state’s general budget must under the bidding submission process through the auction portal.

Maldives government has overdrawn MVR 1.7 billion through Maldives Monetary Authority (MMA), the country’s central bank in October; marking an MVR 300 million increment compared to the previous month. Since 2020, the Maldives government has engaged in the practice of printing money every month. An amount of MVR 4.2 billion previously printed earlier this year has been transformed into long-term bonds. The monthly printing quota has been capped at MVR 2 billion, with the restriction aimed at curtailing the government’s ability to print additional currency each month. The total monetary expansion for 2023 is poised to reach MVR 6.2 billion…

Tourist arrivals to the Maldives reach close to 1.6 million in annual terms according to the Ministry of Tourism. The ministry revealed that the total tourist arrivals to the Maldives has reached a total of 1,577,890 as of November 11, 2023. This is a 13.0% increment from the same period in 2022. Earlier, the Maldives government set an annual arrival target of 1.9 million. Based on the most recent arrival statistics, the Maldives is now a little over 200,000 short of hitting the annual target. Top 10 Markets of 2023 (as of Nov 11) Russia: 181,586 India: 169,806 China: 168,133…

Fushifaru Maldives, a five-star boutique resort in Lhaviyani Atoll, celebrates winning multiple awards including ‘Hotel of the Year’ at LUXE Global Awards 2023. The awards recognize Fushifaru’s outstanding hospitality, exceptional service and dedication and dedication to create special experiences and lasting moments for guests. The property won the following accolades at the event; Best Authentic Experience Resort in Maldives Best Luxury Honeymoon Resort Globally Best Luxury Boutique Resort Globally Hotel of the Year 2023 The property also won the Booking.com “Traveller Review Award”, the ‘International Sustainable Award’ at the Luxury Lifestyle Awards 2023 and the ‘Best Hotel Sustainability Progress’ Award…

Minister of Finance Ibrahim Ameer has abstained from attending the parliament sitting on Monday, November 13 to address the 2024 State Budget and the supplementary budget for 2023. The bills were scheduled for Monday morning, 09:00hrs since the ongoing no-confidence motion against Parliament Speaker Mohamed Nasheed has faced delays. The minister however, informed he will not be able to attend the sitting due to prevailing health issues. “Although the 2024 state budget submission has been tabled for [Monday], I regrettably inform that I will not be able to attend the sitting owing to my health conditions,” the minister said. The…

SpaceX’s Starlink internet services are now available in the Maldives. According to Starlink’s website, the service will provide speeds up to 200Mb/s, and comes at a cost of MVR 1,000 per month with the hardware costing MVR 10,300 inclusive of shipping charges. The Starlink hardware include a dish antenna, a mount and a Wi-Fi router unit. The Minister of Environment, Climate Change and Technology Aminath Shauna said that the Starlink internet will provide a unique solution to the Maldives. Maldives issued license for Starlink services in August 2023, making it the first South Asian country to do so.

Maldives Inland Revenue Authority (MIRA) reports a revenue increment of 61.3% in October 2023, registering a total of MVR 2.01 billion; out of which 77.10 million was collected in US Dollars. The increment was mainly due to the increment in the collection of GST, Tourism Land Rent, Expatriate Quota fee and Green Tax. Additionally, payment deadlines in September 2023 of GST, Airport Taxes and Fees and Green Tax were extended for the first week of October, which led to a significant increase to the revenue compared to October 2022. The revenue earned in October 2023 increased 29.7% compared to initial…

The cumulative expenditure of the Maldives government reaches MVR 38.2 billion as of November 02, 2023, reports the Ministry of Finance. According to the latest in the ministry’s ‘Weekly Fiscal Developments’, the state has earned MVR 28.1 billion in total revenue, inclusive of foreign grants, by the review date. The overall balance for the period is a deficit of MVR 10.2 billion. The cumulative total of tax revenues has reached MVR 20.4 billion, while non-tax revenues total reached MVR 7.1 billion. By the same period in 2022, tax revenues reached a cumulative total of MVR 16.7 billion and non-tax revenues…