Author: Mohamed Reehaan

The Ministry of Climate Change, Environment and Energy has unveiled an ambitious plan. It aims to complete water and sewerage systems on every inhabited island of the Maldives by the end of 2027. This initiative marks a dramatic acceleration in essential service delivery. When the current administration took office, only 66 islands had established water networks. Today, that figure has more than doubled. Rapid Expansion of Piped Water Coverage Piped water systems now serve 141 islands across the country. Furthermore, construction crews are connecting an additional 75 islands right now. Together, these projects will push total coverage beyond 90 percent.…

Maldives Parliament has officially accepted the National Service Bill and sent it to the parliamentary Security Services Committee for detailed scrutiny. Kulhudhuffushi South MP Farhath Mohamed moved the bill on the floor. The proposed legislation establishes a comprehensive national service programme. Furthermore, it creates a robust legal framework to develop the physical, technical, and intellectual capabilities of the nation’s youth. The bills sets a clear objective. It aims to build a generation that contributes to the nation and society. In addition, it seeks to instill patriotism and respect for Islamic principles among participants. Eligibility and Participation Rules The programme will…

The government is pushing ahead with plans to establish a major Gaadhoo port and bunkering facility in Laamu Atoll. The Minister of Economic Development, Transport and Trade Mohamed Saeed confirmed the update on Monday. He delivered the remarks at a press conference held at the President’s Office on April 14. The project forms a key pledge in the administration’s manifesto. Officials view it as a vital step toward boosting economic activity across the archipelago. Furthermore, the Minister identified the facility as a top government priority. Saeed revealed that discussions with interested private parties are already underway. These talks aim to…

The Maldives Inland Revenue Authority (MIRA) has published the names of 48 taxpayers who failed to file their Income Tax returns. The list covers corporate entities, non-corporate businesses, and individual taxpayers. MIRA released the disclosure as part of its ongoing enforcement drive. The authority confirmed that all 48 parties remained non-compliant as of the end of December 2024. The list features registered companies alongside smaller business entities and individuals operating across various sectors. Before making the names public, MIRA took several steps to alert the concerned taxpayers. Officials contracted each party by telephone and explained the legal consequences of continued…

The Maldives Customs Service collected MVR 351 million in state revenue from import and export activities in March. The figure shows a marginal rise from the MVR 350 million recorded in the same month last year. Import activity drove much of the trade volume. Maldives customs revenue data shows that imports reached MVR 5.7 billion in March, a sharp jump from the MVR 4.4 billion logged in March of the previous year. The surge reflects stronger demand across fuel, food, and industrial goods. Fuel products topped the import list at MVR 1.60 billion. Food items followed at MVR 1.05 billion.…

The Ministry of Construction, Housing and Infrastructure has extended the Malé housing application deadline for a second time, giving residents additional weeks to file under the government’s “Housing for All” policy. Originally, applications were set to close on the 30th of this month. However, the Ministry now confirms that Malé residents can submit applications for land plots and flats until 23:59hrs on May 31. Furthermore, the scheme covers a significant allocation. The government plans to distribute 15,000 land plots across the Greater Malé Region, including Ras Malé. On top of that, officials will issue 7,900 flats within the Malé area.…

Bank of Maldives (BML) has shaken up its BML home construction financing scheme. Specifically, the bank now requires just 5% equity from customers, down from 20%. Moreover, this new rate applies to all projects worth up to MVR 3 million. The bank wants to tackle one of the biggest hurdles facing Maldivian families. Previously, a customer building a MVR 2 million home needed to put up MVR 400,000 of their own money. However, under the new rules, that figure drops to just MVR 100,000. As a result, far more Maldivians can now realistically pursue home ownership. Mohamed Shareef, CEO and…

The Maldives Industrial Fisheries Company (MIFCO) shortened official staff hours today as part of a new cost-cutting strategy. The state-owned enterprise released a memo to employees citing “special circumstances” and a need for fiscal stability. Consequently, management reduced the workday for head office staff by two hours. The new schedule runs from 08:00hrs to 14:00hrs instead of the previous 16:00hrs cutoff. Although MIFCO reduces working hours, the company also updated its overtime policy. Now, employees only earn overtime pay after they complete a full eight-hour shift. Additionally, workers must submit a formal request to their Department Head if they need…

Bank of Maldives (BML) released a public statement this week to address market confusion surrounding two key financial metrics: its US Dollar Net Open Position (NOP) and its US Dollar liquidity. The bank stressed that BML’s NOP and liquidity are separate indicators that serve different purposes — and that both currently sit at health levels. Key Insights Over USD 600M+ foreign exchange transactions facilitated in the past year USD 585M net tourism loan portfolio as of Q1 2026 BML achieves record results last year Net Open Position (NOP) The gap between a bank’s foreign currency assets and liabilities at a…

The redevelopment of Boduthakurufaanu Magu, the arterial road running along Malé’s northern waterfront, is on course for full completion by end of June, Construction Minister Dr. Abdulla Muththalib announced on Wednesday. President Dr. Mohamed Muizzu visited the active construction site to assess progress firsthand. Phase 1 covers the 90-metre segment between the Henveiru Ferry Terminal and Fishermen’s Park. The contractor, Maldives Transport and Contracting Company (MTCC), targets completion of this stretch within one month. The remaining 520-metre section, running from Fishermen’s Park to Izzudheen Jetty, follows, bringing the full corridor to the June deadline. The project widens the road by…