Author: Mohamed Reehaan

The state revenue exclusive of foreign grants registered an increment of 131% in April 2021, reports Maldives Monetary Authority (MMA). According to the country’s central bank, in April the total revenue of state increased to MVR870.7 million in comparison with the same month of 2020 – owing to the surge in tax revenue following by the bump of collections from non-tax revenue. Moreover, tax revenue increased by MVR708.7 million while non-tax revenue increased by MVR161.7 million. On the other hand, total expenditure exclusive of amortization increased by 8% in the review month which translates to MVR161.2 million, when compared with…

In the most recent developments in economic updates, Maldives Monetary of Authority (MMA) revealed the country’s inflation decelerated to 2.7% in May 2021. The rate of inflation, as measured by the annual percentage change in the national Consumer Price Index (CPI) stood at 3.3% in April. Moreover, the reports from Maldives central bank attest that the inflation rate deceleration mainly stemmed from the drop in the price of information and communication services, which itself was due to the reduction in telecommunication prices. On the other hand, decline of prices in vegetables and “certain types of fruits” contributed towards the downward…

The Covid-19 viral pandemic has brought out several unprecedented changes across the global economy – Maldives is one such example where the economy took the worst recorded brunt in recent history following the viral outbreak. But perhaps there were no other businesses that tasted the bitterness of an economic recession unlike the small to medium tier ventures constantly struggling and striving in the island nation against larger corporations. In 2020, the island nation was struck with the Covid-19 outbreak which saw the country’s commercially busiest zone coming to a relative standstill after positive cases were discovered in the mainland of…

Road construction project of Haa Dhaal atoll Hanimaadhoo is currently at ongoing capacity, with a reported 80% progress. The latest developments under the project were revealed by MTCC on Tuesday, 06th July further notifying that installation of sidewalks have reached 91% completion. According to the contractor the project includes installation of road sidewalks which will have a collective area of 16,518 square meters along with the development of a carriageway spanning 38,916 square meters. Additionally, MTCC will install road markings in a 19,679.7 square meter area. The project valuation is a total of mVR46.7 million.

Maldives Transport and Contracting Company (MTCC) on Tuesday, 06th July, has reported the recent progress of Dhaal atoll Hulhudheli harbor development project. According to the contractor, they are currently executing the breakwater construction required under the project components which has progressed towards 68% completion. The scope of work for the project includes dredging and excavation operations spanning 49,612 cubic meters. Other components of the project include the construction of a quay wall and revetment spanning 432 meters and 252 meters respectively. The breakwater, which is currently at ongoing capacity will span 337 meters upon completion. Additionally, MTCC is expected to…

Maldivian tourism industry witnessed quite the drivel in 2020 when the country was included in the long list of Covid-19 targets. Earlier in March 2020, the island nation reported its first instances of Covid-19 positive cases. As the cases started mounting, the country’s state was forced to take stringent measures which resulted in the international border closure on 27 March. This resulted in an abrupt cessation of major tourism markets to Maldives as well as a significant plummet in the tourism industry activities. As many as 11,000 resort workers were reportedly let go on a no-pay basis while several of…

Maldives Transport and Contracting Company (MTCC) on Monday, 05th July, confirmed progress on Kaafu atoll Dhoonidhoo harbor redevelopment and reclamation project. According to the contractor, they are executing the sheet piling required for the construction of the quay wall under the project. Moreover, MTCC confirmed the overall project has observed 85% progress. The harbor redevelopment and reclamation project consists of dredging and excavation operations of 4.61 acres and reclamation of 3.75 acres. Additional aspects of the project include construction of a breakwater, revetment and the quay wall spanning 370 meters, 620 meters and 250 meters respectively. Furthermore, MTCC will develop…

Following visible setbacks to the tourism and hospitality industry for the most parts of 2020, the industry has observed significant improvement as of May 2021. In the most recent ‘Economic Updates’ from Maldives Monetary Authority (MMA) it was reported that tourist arrivals and bednights had increased during May 2021 after recording “marked growths” in April as well. Moreover, the annual increase in tourist arrivals has reflected “the base effect of the significant drop in arrivals in May 2020” after the country’s government implemented an international border closure on 27 March 2020 in a bid to curb the Covid-19 pandemic. Meanwhile,…

Maldives Monetary Authority (MMA) revealed in one of their latest publication updates, a significant decline of the country’s Gross Domestic Product (GDP). According to Maldives central bank the real GDP declined by 30.5% in the final quarter of 2020, which was reported under the latest Economic Updates of the bank. However, it was still an improvement over the 44.2% drop observed during the third quarter of 2020. MMA notes the moderation evident during the review quarter is reflective of peak-tourism season as well as the easement of lockdown measures in Greater Male’ Region. This was still not able to offset…

Maldives government has spent MVR3,533 million towards Covid-19 related efforts, reported Ministry of Finance. The ministry in their latest ‘Weekly Covid-19 Spending Report’ stated the total health and social spending as of 24 June 2021 reached MVR1,789.6 million which is just a 0.1% increase from the week before. During the review period, from the total health and social spending only 41.1% had been committed-spending. On the other hand, the total economic response spending as of the review week stood at MVR1,743.4 million, indicating that there had been no change in the spending in comparison with the week before. Moreover, during…