Author: Mohamed Reehaan

Fuel Supplies Maldives (FSM) signed with Maldives Industrial Fisheries Company (MIFCO) to supply fuel from MIFCO sites to local fishing vessels. MIFCO Chief Executive Officer Ismail Fauzee signed on behalf of the fisheries corporation while FSM Managing Director Mohamed Gasam signed on behalf of the supplier. Under the agreement, FSM will facilitate refueling services at both Kooddoo and Addu Fisheries complexes. FSM is also expected to commence fuel supply operations in Felivaru Fisheries complex on 03rd February. Earlier in November 2022, FSM began selling diesel from Hulhumale’ at standard rate as MIFCO for local fishing vessels. With this partnership, MIFCO…

The national carrier of Maldives confirmed acquiring two new ATR 72-600s and one ATR 42-600 series turboprop aircraft in January 2022. From the total acquisition, two of the ATR 72-600s are scheduled to arrive at Velana International Airport (VIA) sometime on Wednesday, 04th January from Toulouse. The three aircraft were initially set to join the Maldivian Airlines fleet earlier in October 2022. However, manufacturing mishaps delayed the process. Total acquisition cost of the three aircraft is reportedly USD60 million (MVR925 million). Meanwhile, the Managing Director of Maldivian Mohamed Mihad said the airline expects to add three more by the end…

The Maldives begins its membership at the United Nations Human Rights Council for the term 2023 to 2025 effective on Sunday, 01st January. The country won its seat on the Human Rights Council following the elections held earlier on 11th October 2022, in New York. According to the Ministry of Foreign Affairs, the membership will be “guided by the principles of human rights, democracy, good governance and climate action”. The ministry also said that during its three-year membership, Maldives will put efforts to advance key areas of human rights “in the true spirit of multilateralism”. The Maldives will also contribute…

At least three Chinese airlines have confirmed they will resume their flights to the Maldives route in 2023. Maldives Airports Company Limited (MACL) claimed that Hong Kong Airlines, China Eastern Airlines, and Beijing Capital are expected to resume their respective operations. Hong Kong Airlines has already booked slots from 01st January through the end of March 2023. The airline will make three weekly trips to the Maldives. Beijing Capital is scheduled to operate four charter flights between 18th January and 22nd February. There have been no schedule details from China Eastern Airlines at the time being. Before the Covid-19 pandemic,…

The Ministry of Finance revealed that the state revenues inclusive of grants increased by 2.7% in November 2022 when compared with the same month in 2021. The ministry further confirmed that the government collected MVR1.85 billion in revenues, including grants. The total expenditure for the review month decreased by 14.2% when compared with November 2021. Compared to the same month in 2021, capital expenditure decreased by 43.2% while recurrent expenditure dropped only by 0.9%. The fiscal balance for the review month is an overall deficit of MVR759.9 million. Expenditure Approved Total: MVR40.7 billion Cumulative: MVR34.3 billion Recurrent: MVR2.1 billion Capital:…

The government expenditure reached MVR36.3 billion in annual terms by 22nd December 2022. The approved budget total for last year was MVR 39.9 billion following the inclusion of an MVR 5.8 billion supplementary budget. On the other hand, the state revenues inclusive of foreign grants reached MVR 26.2 billion by the review date, which is an excess of MVR 1.9 billion against the projected total of MVR 24.3 billion for 2022. The overall balance for the period is a deficit of MVR10.1 billion. Revenues Tax revenues: MVR 18.4 billion Non-tax revenues: MVR 7.6 billion Grants: MVR 331.4 million Expenditures Recurrent:…

The Ministry of Finance announced the sale of MVR 3.4 million in Treasury Bills (T-Bills), to manage state finances. The ministry announced the following T-Bills; MVR 453 million: repayment within a month, 3.50% interest MVR 999.8 million: repayment within six months, 4.23% interest MVR 1.7 billion: repayment within one year, 4.6% interest State sold T-Bills are primarily purchased or invested by local banks, pension office and other government offices. Additionally, some of the private companies invest in government T-Bills.

Trans Maldivian Airways (TMA) confirms it has resolved the system issue which led to a major disruption to its flight operations on Saturday, 31st December 2022. The largest seaplane operator in the world confirmed resolving the issue on Monday, 02nd January 2023. On Saturday, TMA suffered a malware attack on its check-in system leading to its flight operations becoming disrupted. The flight schedule interruption led to hundreds of resort-bound tourists becoming stranded at the airport venue. The seaplane operator opted for manual check-in to ensure operational upkeep. Meanwhile, an official speaking from VIA confirmed manual check-in proved slower.

A technical glitch at Trans Maldivian Airways (TMA) on Saturday, 31 December, resulted in an airport fiasco as the largest seaplane operator faced disruptions to its flight schedule. TMA faced system disruptions that interrupted its check-in as well as flight operations. The disruption led to several VIA inbound and outbound travelers becoming stranded. Lengthy queues were visible at TMA’s flight terminal throughout Saturday. An airport staff member speaking with a local media outlet confirmed that the terminal shifted to manual check-in and passenger arrangements. The manual approach proved time-consuming, according to another airport staff. Meanwhile, the seaplane operator was unavailable…

Maldives Ports Limited (MPL) has confirmed it will be reducing export container fees. The operator of Male’ Commercial Harbor confirmed this in a recent statement. With the confirmed revisions, MPL will charge MVR 1,132 for 20 ft containers. The company previously charged MVR 4,419. On the other hand, 40 ft containers will cost MVR 2,264 in export fees. The previous charge was at MVR 8,767. According to MPL, with their price reductions, exporters can save up to 75% of their export costs. MPL board decided to slice the prices to encourage local exports, and boost export volume. The decision will…