Author: Mohamed Reehaan

The Maldives government collected a total of MVR 83.1 million in green tax in May 2023, reported the Ministry of Finance. According to the ministry’s most recent Green Fund Report, the breakdown is as follows; Total Green Tax: MVR 83,095,791 Tourist Properties (Resorts, Guesthouses and Hotels): MVR 80,594,220 Liveaboards/Vessels: MVR 2,500,284 Homestay: MVR 1,287 Highest Green Tax Collection (by atoll) Kaafu Atoll: MVR 29,746,134 Raa Atoll: MVR 8,269,735 Alifu Dhaalu Atoll: MVR 6,954,923 Alifu Alifu Atoll: MVR 5,906,753 Baa Atoll: MVR 5,158,650 Lowest Green Tax Collection (by atoll) Gnaviyani Atoll: MVR 18,824 Faafu Atoll: MVR 155,928 Haa Dhaalu Atoll: MVR…

The state expenditure in year-to-date basis has reached a total of MVR 19.9 billion as of 15th June 2023. On the other hand, state revenues inclusive of grants in cumulative terms reached MVR 14.7 billion by the same review date. While 68% of the budget was spent on recurrent needs, 32% was spent on capital requirements. As for the revenue, state earned 76% from tax sources and 24% from non-tax sources. The overall balance for the period is a deficit of MVR 5.2 billion. As of the review date, the cumulative tax revenue total reached MVR 11.2 billion. In the…

Bank of Maldives (BML) has successfully concluded the Coding and Engineering program held as part of the International Women’s Day celebrations. The celebrations by the bank were held to promote gender equality in the field of innovation and technology. The program was targeted for girls between the ages of 12 to 14 years. The program saw participation of 24 local girls, who all had successfully completed the program. BML’s initiated program was conducted by ForLoop Coding Academy. The program included content ranging from game development with Visual Blocks to app development using Python and building Bluetooth controlled robots.

Urbanco Maldives Food Carnival has officially commenced at Central Park, Hulhumale’. The carnival that kicked off on 20th June will last until next Saturday, 24th June. For the carnival, the venue has been transformed into a “gastronomic paradise” that offers a wide array of treats and cuisines along with a platform for talented artists as well. The event has created a buzz of excitement among food lovers and art aficionados alike. With the carnival, Urbanco aims to foster an inclusive environment where small and medium enterprises (SMEs) and creative individuals can showcase their culinary talents and artistic proclivities. Moreover, Urbanco’s…

State Electric Company (STELCO) has installed an additional 100-ton RO plant in Alifu Alifu atoll Rasdhoo to cater to the growing water demand. With the establishment of the new plant, Rasdhoo’s water plantation has the capacity of producing 160 tons of water. All commissioning work of the plant was executed by the staff of STELCO, and is the first plant to have been fully commissioned by STELCO technicians. Following completion of the project, STELCO Managing Director Ahmed Shareef met with the staff of the company’s Water, Sewerage and Waste Department and praised them for their exceptional work. Shareef had also…

Tourist arrivals as of 14th June reached 861,167 indicating that the annual arrivals is now 138,833 shy of reaching the 1 millionth arrival mark. Tourist arrivals as of the review date showed an annual increment of 14.2% compared to the corresponding period last year during which arrivals stood at 754,301. Arrivals by Month (2023 | 2022) January: 172,499 | 131,765 February: 177,915 | 149,011 March: 173,514 | 150,748 April: 164,357 | 145,282 May: 120,966 | 125,528 June (1st to 14th): 51,916 | 51,967 Top 10 markets of 2023 (as of 14th June) India: 101,348 Russia: 100,593 UK: 76,148 Germany: 63,021…

The state revenue and grants for April 2023 stood at MVR 2,463.01 million (MVR2.5 billion), indicating a 13.8% increment compared to the same month last year, reported the Ministry of Finance. The ministry in its monthly fiscal developments noted that the total expenditure for the review month increased by 38.0% compared to the corresponding month in 2022. Compared to April 2022, capital expenditure increased by 63.8% while recurrent expenditure shot up by 30.2%. The fiscal balance for the month is an overall deficit of MVR 1,286.6 million (MVR1.3 billion). Revenue and Grants Composition TGST: 33.2% GGST: 16.2% Import Duties: 10.6%…

Maldives Border Miles has surpassed 1.5 million members. Introduced as the first three-tier destination loyalty program of its kind, the Maldives Border Miles has gained remarkable popularity in a short span of time. The initiative was officially launched on 27th September 2020, coinciding with World Tourism Day, and became functional on 01st January 2021. The program was established through the collaborative effort of Maldives Immigration, the Ministry of Tourism, Maldives Marketing and Public Relations Corporation (MMPRC), and Maldives Airports Company Limited (MACL). The three-tier destination loyalty program rewards members with points based on several factors including the duration of guest…

The Banyan Tree Group Maldives announces that all three of its properties, namely the Banyan Tree Vabbinfaru, Dhawa Ihuru, and Angsana Velavaru are recipients of TripAdvisor’s Travellers’ Choice Award 2023. The Travellers’ Choice Award, a much coveted recognition, honors businesses that constantly receive outstanding feedback and reviews from travelers worldwide for the past 12 months, making them part of the top 10% of all listings in the platform globally. “This brings us joy to share that since 2018, all three resorts have received this esteemed recognition. We would not have achieved it without the love and support of our guests.…

In a bid to support local small and medium enterprises, the World Bank has extended a grant of USD 67.8 million (approximately MVR 1 billion) to the Maldivian government. The financing agreement was signed by Minister of Finance Ibrahim Ameer on behalf of the Maldivian government, and by the World Bank Country Director for the Maldives, Nepal and Sri Lanka Faris H. Hadad-Zervos on behalf of the bank, during a ceremony held at the ministry’s office. A total of two distinct agreements were signed under the financing arrangement. The first aid worth USD 53 million (MVR 814 million) was extended…