Author: Mohamed Reehaan

The Institute of Chartered Accountants of the Maldives (CA Maldives) has officially opened registration for the Maldives Accountants Forum (MAF) 2024. As the largest event for accounting professionals in the Maldives, the forum presents a “prime opportunity for participants to enhance” their knowledge and skills in the field. This year’s forum is themed “Leading in the Age of AI and ESG: Innovate, Integrate, Inspire”. The forum aims to train accounting professionals and promote the accounting profession through focused sessions and panel discussions on various topics focusing on Artificial Intelligence (AI) and environmental, social and governance (ESG). Participants are encouraged to…

STO Medical Services has recently hosted a conference aimed at raising awareness on chronic kidney disease, diabetes, and cardiac conditions. The event highlighted the recent approval by the US FDA of a medication imported and distributed by STO from AstraZeneca. This medication is designed to improve glycemic control in children aged 10 years and older with type-2 diabetes. The conference also underscored the importance of managing type-2 diabetes and introduced the latest globally approved medications for treating cardio, renal, and metabolic diseases related to diabetes. The event saw attendance of over 100 healthcare professionals from the Maldives, and featured presentations…

Maldives Immigration has conducted its largest-ever raid to date in 2024, in a bid to nab illegal immigrants. Immigration conducted its operation on Friday, June 29, in Greater Male’ area in accordance with the directives of the Controller General of Immigration Mohamed Shamman Waheed. Immigration led the efforts to identify illegal immigrants, assisted by the Maldives Police Service. The authorities conducted raids in four different locations of Greater Male’ area, and identified a total of 83 illegal immigrants. The immigrants in question, which included those without valid visas and those working outside of their original purview, were brought into Immigration’s…

Maldives has participated as the co-chair of the 36th Joint Commission of the UN Tourism Commission for East Asia and the Pacific and Commission for South Asia (CAP-CSA). Maldives took part in the joint commission meeting held on June 28 at Cebu, Philippines. The island nation acted as the co-chair of the Commission for South Asia in the meeting, which also saw participation of UN Tourism Commission member states, affiliates, international and regional organizations, and representatives from various affiliate organizations. State Minister of Tourism Dr. Abdulla Niyaz, representing the Maldives government at the CAP-CSA meeting, said that sustainable policies for…

Maldives Monetary Authority (MMA) – the central bank’s statistics show the state’s usable reserves is currently at USD 73 million; enough for one month’s worth imports. MMA statistics showed the state’s reserves, at the end of May 2024, stood at USD 485.18 million; out of which USD 73 million remains usable after deductions. Approximately USD 75 million monthly recurrent expenditure is incurred on necessary imports which include oil, staples, and medications. The drop in the state’s reserves is mainly attributed to the payment of USD 50 million to a USD 100 million bond sold by the State Bank of India…

State Electric Company Limited (STELCO) hosted a blood donation camp Thursday last week, June 27. STELCO held the camp in collaboration with Maldives Blood Service (MBS), to enhance access to transfusions for those who regularly needed it. At least 100 of STELCO employees took part in the camp, the utility provider added. “We proudly thank our staff’s continued support for such initiatives conducted for the benefit of the society,” STELCO said, adding the company intends to make it an annual event. Managing Director of STELCO Hussain Fahmy took part in the event and donated blood.

The Maldives government on Thursday, announced important reforms for indirect and direct taxes, aiming to improve the country’s fiscal sustainability. In the Medium-Term Revenue Strategy, the Ministry of Finance noted that given the current revenue to Nominal GDP ratio of 32.5% (2023), the target is to reach and maintain a revenue to Nominal GDP ratio of 35.5% by 2028. With this strategy, the government aims to improve fiscal sustainability and self-sufficiency in line with the principles in Fiscal Responsibility Act; enhance public welfare, economic competitiveness, and climate resilience; increase tax neutrality and strengthen progressivity of the tax system. Towards this…

Minister of Economic Development and Trade Mohamed Saeed has met with Chinese banks to discuss and seek avenues for trade and economic growth for the Maldives. The minister is currently in China to attend the 15th World Economic Forum. In the sidelines of the forum, Saeed met with the senior executives of two Chinese banks on Thursday, seeking ways to form strategic partnership aimed at boosting the Maldives economy. The minister first met with the senior officials of China Industrial and Commercial Bank (ICBC), to discuss strategies for further engagement. He later met with senior executives of the Bank of…

Maldives Marketing and Public Relations Corporation (MMPRC/Visit Maldives) welcomed the one millionth tourist of 2024. MMPRC on Thursday morning, welcomed Sutapa Amornvirat, a Thai national, who arrived in the Maldives with her family on AirAsia flight FD 175 at 11:15hrs. This is her third trip the Maldives, following her honeymoon. She and her family will be holidaying at Niyama Maldives. Visit Maldives hosted a very special event in partnership with the Ministry of Tourism, to celebrate this milestone at Velana International Airport (VIA), joined by other government authorities such as the Maldives Airports Company Limited (MACL), Maldives Immigration, and Maldives…

Maldives government has saved MVR 2.5 billion in public finances in 2024, owing to strong austerity measures, according to the Minister of Finance Dr. Mohamed Shafeeq. At the Public Accounts Committee of the Parliament, the minister said stressed on the positive outcome of the cost-cutting measures initiated by the current administration. While the state has saved MVR 2.5 billion in state finances, Shafeeq said further reforms are necessary to initiate crucial plans in the government’s pipeline. The minister noted of heavy wastage in few public sectors, and emphasized the need for immediate reforms to ensure streamlined and cost-efficient operations of…