Author: Mohamed Reehaan

The Ministry of Housing has announced plans to launch additional social housing schemes outside Malé. The government targets inauguration of two new projects within the coming month. State Minister of Housing Ahmed Nazim Mohamed confirmed the timeline on a state media programme. “These two projects are intended to be implemented in the islands alongside the existing ongoing projects,” he commented. The Ministry describes the initiatives as a deliberate push to redistribute the population. The government wants citizens to settle in designated urban development zones outside the capital rather than converging on Malé. Officials identify inadequate housing in home islands and…

Saudi Arabia’s budget carrier, Flynas has relaunched their scheduled flights to the Maldives once more. The airline’s first flight touched down at Velana International Airport (VIA), the country’s primary air gateway on Saturday, June 19, marking the restart of a key Middle East corridor. The resumption comes not long after tensions in the Middle East, on perpetual escalation following US and Israel-led attacks on Iran began earlier in 2026, has dissipated after the US and Iran signed a deal aimed at ending the conflict. While the two events appear to have no connection, it would still suggest that the US-Iran…

Maldives debt servicing dominated the government’s cash outflows through early June. Loan repayments reached MVR 8.7 billion by June 4. One year earlier, the same period saw repayments of just MVR 3.1 billion. Repayments, in short, nearly tripled. The figure dwarfs most other lines in the accounts and signals a heavy year for the treasury. Interest told a gentler side of the same story. Finance and interest costs came to MVR 2.3 billion, slightly below last year’s level. So the pressure stems from principal falling due, not from a rising interest bill. The government must now hand back large sums…

Maldives tourism tax revenue rose through early June, even though fewer travelers reached the islands. Tourism Goods and Services Tax (TGST) reached MVR 6.02 billion by June 4, almost 8% above the year before. Green Tax added MVR 1.07 billion. The Departure Tax and Airport Service Charge together brought in MVR 939.7 million, a gain of more than 21%. The numbers climbed across almost every tourism line. The arrivals figure, however, moved the other way. The Maldives welcomed about 924,000 visitors so far in 2026, roughly 4% fewer than at the same point last year. A sharp slump struck in…

Maldives tax revenue growth anchored the state’s finances through the first five months of 2026. Tax receipts reached MVR 14.8 billion by June 4, reports the Ministry of Finance and Public Enterprises. That sum makes up 78% of all government income. Non-tax revenue added MVR 3.8 billion, and grants contributed a slender MVR 393.6 million. The shape of the account reveals a hard truth. The economy funds the government mainly through what people and firms consume and earn. Goods and Services Tax (GST) did the heaviest lifting (as usual). Combined GST collections hit MVR 8.5 billion. Business and Property Tax…

The Maldives budget deficit (in 2026) now stands at MVR 110.6 million. The Ministry of Finance and Public Enterprises reported this figure for the period from January 1 to June 4, 2026. A year earlier, the same period delivered a surplus of MVR 1,006.7 million. This reversal tells a story: spending grew faster than the money coming in this year. Add to that the woes of heavy debt servicing. Revenue and grants reached MVR 19.09 billion (MVR 19,089.3 million) by the reviewed date. That total beats last year’s MVR 17.3 billion (MVR 17,337.5 million) by roughly a tenth. Yet the…

Malé, Maldives — PayPal now operates in the Maldives. President Dr. Mohamed Muizzu inaugurated the global payment platform today (June 15, 2026) at the Barceló Nasamdhura. The launch connects the Maldives to a world-renowned financial network. It also caps a government drive that began in January last year. Local entrepreneurs gain a direct line to global markets for the first time. A Strategic Partnership Powers the Rollout Officials first announced the arrangements on October 5, last year. Ooredoo Fintech now deploys the service across the country. The Maldives Monetary Authority (MMA) granted Ooredoo the inward remittance license that unlocks the…

State Trading Organization (STO) has opened the first floor of its People’ Choice outlet, expanding its space and offerings for consumers. This milestone adds to the brand’s growth since it brought the supermarket concept to the Maldives back in 1991. The STO People’s Choice gave Maldivians their first taste of one-stop shopping for everyday and general goods at affordable prices under one roof. Since inception, STO has reimagined the outlet in 2022, turning it into the country’s first hypermarket. The new concepts brought home improvement brands into the same space as groceries and household essentials for the first time. Building…

The Maldivian state owed the market about MVR 97 billion through securities alone. That is not the foreign loans from India or China that fill the headlines. That is money the government borrowed inside the country: from banks, from the pension fund, from state companies, on paper, at interest, under contracts almost no citizen has ever read. Two months earlier, the country came within touching distance of an unwanted record. In April 2026, the Maldives faced a USD 500 million sovereign sukuk repayment. Traders openly feared it would become the first country in history to default on Islamic government debt.…

Three newly appointed ambassadors have called on Foreign Minister Iruthisam Adam. Each envoy met the Minister after presenting credentials to President Dr. Mohamed Muizzu. The visits covered France, the Netherlands, and the Philippines. The series of Maldives foreign minister courtesy calls signalled fresh diplomatic momentum. France looks to deepen ties France’s Non-Resident Ambassador, Rémi Lambert, met the Minister first. Iruthisham welcomed Lambert and congratulated him on presenting his credentials. The Ambassador thanked the government for its warm reception. Both sides reviewed the long history between the two countries. They discussed ways to widen cooperation in areas of shared interest. The…