Author: Mohamed Reehaan

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…

Privatization and Corporatization Board (PCB) – the parent body of all state-owned enterprises (SOEs) – on Wednesday, announced seeking an international Chief Executive for the company’s top managerial role of Maldives Industrial Fisheries Company (MIFCO). Interested applicants are required to submit their applications before 14:00hrs on July 15, 2024. PCB has mandated that eligible applicants must have relevant experience of working and managing an fisheries-related corporation for a minimum of 08 years, with an additional four years experience in running an international fisheries-related organization or company. The SOE parent body has announced seeking a foreign CEO for MIFCO, after its…

The Maldives has attracted a total of 993,328 tourists to the island nation as of June 25, 2024 – indicating the leading tourist destination four years in a row, is less than 7,000 to hit the first milestone in tourist arrivals for the current year. As the Maldives is expected to welcome it’s millionth arrival soon, the country’s year-to-date tourist arrivals has observed a 9.3% increment. By the same period last year, tourist arrivals to the country was at 904,983 exactly. Tourist arrivals to the Maldives exclusively in the month of June (from 01st to 25th) has gone up by…

The cumulative state expenditure reached MVR 17.8 billion as of June 20, 2024, reports the Ministry of Finance. So far, the state has earned MVR 15.5 billion in revenues and grants. The overall balance for the period is a deficit of MVR 2.4 billion. The state has earned MVR 12.5 billion in tax revenues, and MVR 2.8 billion in non-tax revenues as of the review date. Comparatively, for the same period last year, state had earned MVR 11.8 billion in tax revenues, but an MVR 4.2 billion in non-tax revenues – indicating that this revenue category has declined noticeably in…

Hong Kong Airlines has achieved a return to pre-pandemic daily flight volumes in the first half of 2024. With the airline expanding its fleet along with introduction of new routes, Hong Kong Airlines plans to increase its pilot workforce by over 10% and cabin crew by 40% within the year. Moreover, to support this growth, the carrier has initiated a series of recruitment events across Hong Kong, Mainland China, and other regions. During its recent flight attendant recruitment event in Bangkok on June 15, the company drew thousands of enthusiastic job seekers looking into starting their careers in aviation. The…