Author: Mohamed Reehaan
The overall performance of Maldives fisheries industry observed modest improvement in the second quarter of 2021. Moreover, as per Maldives Monetary Authority (MMA) in their Quarterly Economic Bulletin (QEB), the industry had observed growth in light of increased fish purchases made by processing companies. Furthermore, the volume of fish exported to foreign countries observed an increment during the review quarter. As such, MMA reports the total fish purchases had increased by 35%, which translates to 16,221.7 metric tons – owing predominantly due to 89% increase in the purchase of skipjack tuna. However, purchases of yellowfin tuna marked a decline of…
Maldives state expenditure rises to hit MVR19,027.1 million (MVR19.02 billion) as of 02nd September 2021. Moreover, according to Ministry of Finance the state revenue, inclusive of grants have reached MVR12,111.9 million (MVR12.1 billion) – marking a modest increment from the previous week. Expenditure composition reveals 78% of the budget has been concentrated towards recurrent expenses and the remaining 22% on capital expenses. On the other hand, state earned 74% of its income through tax-sources and the remaining 26% through non-tax sources. Meanwhile, the overall balance for the review period is a deficit of MVR6,915.2 million (MVR6.9 billion). Net issuance for…
Tuesday, 08th September – the largest telecommunication and internet service provider in Maldives, Dhiraagu, launches a new promotional offer for its ADSL customers. As per Dhiraagu, customers who are currently using ADSL connections will be subject to a free upgrade to internet service provider’s Fiber-Broadband connectivity. Furthermore, the offer will remain effective until the end of October 2021. Moreover, under the special promotion, Dhiraagu will provide with the router or the O.N.T free of charge until the promotional period. Customers who are currently using their ADSL internet connectivity can easily sign up for an upgrade on Dhiraagu website at www.dhiraagu.com.mv/ocs.…
Tuesday, 08th September – Maldives Transport and Contracting Company (MTCC) reports on the latest updates of the Hulhudhoo harbor development project. According to the project contractor, the design and build of the island’s harbor is currently at an overall 68% progress. Moreover, MTCC confirms on currently executing the installation of precast concrete blocks as well as concrete works for the quay wall construction. The harbor development project entails dredging and excavation operations of 88,623 cubic meters along with the construction of a 114 meter breakwater, a 624 meter revetment and a 742 meter quay wall. In addition to this, the…
According to the latest updates of Maldives Monetary Authority (MMA) the developments of the island nation’s construction sector remained mixed in Q2-2021. Moreover, the central bank of Maldives reported that the construction related imports observed an increment by 9% during the second quarter; which translates to USD6.2 million. Furthermore, the commercial bank credit to the construction sector had registered an annual growth of 10% by the end of the review quarter; owing to the growth in credit extended to residential housing projects and new resort developments. On the other hand, notable increments were observed for credit extended for the renovation…
Maldives government has spent a total of MVR3,879.5 million (MVR3.9 billion) towards Covid-19 curbing and economic recovery efforts so far in 2021. As per Ministry of Finance in their latest Weekly Covid-19 Spending Report, the government has spent a total of MVR2,106.1 million (MVR2.1 billion) on health and social efforts. Meanwhile, the total economic response spending has reached MVR1,773.4 million (MVR1.8 billion). Moreover, the total health and social spending observed a 1.6% as of 7 September in comparison with the week before. Furthermore, during the review period 34.6% of the total health and social spending had been committed spending. On…
According to the latest updates of Maldives Tourism Bulletin by Ministry of Tourism, the total number of tourist arrivals to Maldives by August end reached 755,966. Furthermore, this arrival count is a 92.7% increment in terms of year-on-year basis, when compared with the corresponding period in 2020. Moreover, the statistics from the state body confirms the total tourist arrival for the month of August, which stood at 143,599 which is a 3.1% improvement when compared with the same month in 2019 and a staggering 1,780.5% improvement when compared with the same month last year. The daily average of tourist arrivals…
Tuesday, 07th September – MTCC confirms on delivering the second shipment of rock boulders to Alif Dhaal atoll Hangnaameedhoo harbor development site. Moreover, as per the contractor, they had completed the delivery on 04th September, Saturday. Meanwhile, MTCC has further affirmed on completing the new harbor basin and harbor channel dredging operations. The project scope includes dredging and excavation operations spanning 6,363.1 cubic meters along with the construction of a breakwater, quay wall and a revetment measuring 204 meters, 266 meters and 160 meters respectively. In addition to this, the contractor will construct a paved area along the harbor site…
Tuesday, 07th September – Maldives Transport and Contracting Company (MTCC) confirmed on the developments of the dredging operations of the new harbor basin and the entrance channel of Hulhumeedhoo MIFCO harbor project. According to the contractor, the new harbor basin as well as the entrance channel are being dredged to a depth of 8.5MSL (Mean Sea Level). Meanwhile, MTCC has confirmed their dredger ‘Jarraafaa 3’ is operational 24 hours in 2 different shifts to complete the dredging operations. The project scope includes dredging and excavation operations of 471,380 cubic meters, reclamation operations of 1,788 cubic meters and the construction of…
Maldives Monetary Authority (MMA) has reported that the pace of recovery of the island nation’s tourism sector slowed down during the second quarter of 2021. Moreover, the central bank of Maldives attested that this was the result of the culmination of the tourism peak season coupled with the resurgence of Covid-19 positive cases in the country as well as in the South Asian region. Earlier, in April 2021, the resurfacing of Covid-19 positive cases, with mounting reports of infection spread, lead towards a travel ban on visitors originating from South Asian countries in the following month of May 2021. Furthermore,…