MIRA’s Revenue Recovery Efforts Yielding Positive Results, Says Commissioner General of Taxation
The Commissioner General of Taxation, Hassan Zareer, has revealed that the Maldives Inland Revenue Authority’s (MIRA) ongoing efforts to recover outstanding revenue are producing positive outcomes. According to Zareer, approximately MVR 16 billion in tax and non-tax revenue, including fines, remains unpaid.
MIRA reports that of this amount, MVR 7 billion accounts for tax...
Dr. Mohamed Mahid Shareef Appointed CEO of Institute of Chartered Accountants of the Maldives
The Institute of Chartered Accountants of the Maldives (CA Maldives) has appointed Dr. Mohamed Mahid Shareef as its new Chief Executive Officer (CEO), effective 13th October 2024. Dr. Mahid brings over 20 years of experience in public administration, higher education, and strategic development to his new role.
Throughout his career, Dr. Mahid has held...
Targeted Cash Transfers Proposed to Mitigate Impact of Subsidy Reforms in the Maldives
A recent report by the World Bank has raised concerns about the potential impact of removing blanket subsidies in the Maldives, warning that such reforms could significantly affect low-income households if proper compensation measures are not introduced. According to the World Bank Maldives Development Update, without targeted support, poverty levels could rise dramatically as the country moves toward...
Maldives Strengthens Conservation Efforts for Whale Sharks with New Regulation
The Government of Maldives has introduced a new regulation, No. 2024/R-96, aimed at enhancing the conservation of whale sharks, reinforcing its commitment to marine life protection. This latest amendment to the Protected Species Regulation (2021/R-25) focuses on improving the guidelines for interactions with whale sharks, a species that has long attracted tourists to Maldivian waters.
GEF Allocates MVR 1.5 Million to Community Organisations in Laamu Atoll Through ‘Endheri’ Project
The Global Environment Facility (GEF) has allocated MVR 1.5 million in financial aid to three community-based organisations in Laamu Atoll as part of the ongoing 'Endheri' project. This marks the second round of financial support under the initiative, aimed at promoting environmental sustainability and community engagement across the atoll.
The announcement was made by...
469 STELCO Employees Complete Leadership Enhancement Programme
The State Electric Company (STELCO) has announced that 469 of its employees have successfully completed the company's leadership enhancement programme.
STELCO's Managing Director, Hussain Fahmy, shared the news on social media platform X, highlighting the programme’s theme, “Strengthening the Path to a Brighter Future.” Fahmy explained that 51 teams from STELCO participated in the...
Renovation Works Begin at Kooddoo Airport Following Suspension of Flights
The government has initiated renovation efforts at Kooddoo Airport after national carrier Maldivian halted its flights to the island due to the deteriorating condition of the runway.
Minister of Transport and Civil Aviation, Mohamed Ameen, took to social media platform X to explain that Maldivian was forced to stop services after runway issues caused...
The Role of SOE Reform in Restoring the Maldives’ Fiscal Health
According to the latest World Bank Maldives Development Update (October 2024), state-owned enterprises (SOEs) in the Maldives continue to be a significant fiscal concern, contributing to the country’s rising public debt and placing increasing pressure on government finances. With public debt now exceeding 115% of GDP, the report highlights the urgent need for reforms to address inefficiencies in...
Maldives Sees Slower Credit Growth as Personal Loans Surge
The Maldives has experienced a deceleration in private sector credit growth, as highlighted in the Maldives Monetary Authority’s (MMA) Economic Update for September 2024. The report revealed that the annual growth rate of credit extended to the private sector by commercial banks slowed to 11% by the end of August 2024, down from 12% in July.
Long-Term Policies Crucial for Maldives’ Development, Says UN Official
Kanni Wiganaraja, Assistant Secretary of the United Nations and UNDP Regional Director for South Asia and the Pacific, has stressed the importance of long-term policies in the Maldives to achieve the Sustainable Development Goals (SDGs). Her remarks came at the end of her visit to Fuvahmulah City, where she praised the country’s commitment to long-term development strategies.
World Bank Urges Urgent Economic Reforms Amid Rising Vulnerabilities in Maldives
The World Bank has called for urgent and comprehensive economic reforms in the Maldives to address heightened external and fiscal vulnerabilities. According to the latest Maldives Development Update: Seeking Stability in Turbulent Times, released today, the country's economy grew by 7.7 percent and 4.5 percent year-on-year in the first and second quarters of 2024, driven largely by an...
FNFC Acquires Investment Fund Licence for Real Estate and Hospitality Fund
The First National Finance Corporation (FNFC) has secured an investment fund licence from the Capital Market Development Authority (CMDA), the regulatory body overseeing capital markets in the Maldives. This licence enables FNFC to launch its new real estate and hospitality fund, opening up investment opportunities in these sectors.
FNFC's Chief Executive Officer, Hassan Ziyath,...
Creative Economy Fund Now Open for Applications
The Business Centre Corporation (BCC) has announced that applications are now open for the Creative Economy Fund, a government initiative designed to provide financial assistance to artists across the Maldives. The fund aims to support various creative sectors, including music and film production, arts and crafts, and media content creation.
Financial aid ranging from...
Report: Bridging Horizons, The Maldives’ Imperative to Maintain Close Ties with India
President Dr Mohamed Muizzu's recent state visit to India from 6th to 10th October 2024 marked a significant milestone in Maldives-India relations. Stepping onto Indian soil for the first time as President, Dr Muizzu's engagement with Indian leaders underscored the importance of a robust alliance between the two nations. This visit highlighted why maintaining a close relationship...
Maldives Sees 93% Revenue Surge as Resorts Extend Leases to 99 Years
The Maldives recorded a substantial increase in revenue collection for September 2024, totalling MVR 2.3 billion, representing a 93.1% rise compared to the same period in 2023. This growth is primarily driven by the increase in Goods and Services Tax (GST), Tourism Goods and Services Tax (TGST), and Tourism Land Rent, alongside revenues from Lease Period Extension...
Op-Ed: Workplace Burnout: Causes, Effects, and Solutions
By Muhammad Bilal Javaid
Workplace burnout is becoming more common in today’s demanding work environments. It happens when employees feel emotionally, physically, and mentally exhausted from long-term stress and heavy workloads. Burnout often leads to a lack of motivation, disconnection from work, and unhappiness. Understanding what causes burnout, how it affects people, and how...
Housing Ministry to Engage Public in Development of 20-Year National Development Plan
The Minister of Housing, Land, and Urban Development, Dr Ali Haidar Ahmed, has announced that teams from the housing ministry will soon visit various islands across the Maldives to gather public input on the National Development Plan. The move aims to ensure that public opinion plays a central role in shaping the long-term vision for the nation's...
President Muizzu Highlights India-Maldives Cooperation for Digital and Sustainable Growth at Business Forum
President Dr Mohamed Muizzu emphasised the importance of collaboration between India and the Maldives in advancing digitalisation and sustainability during his address at the India-Maldives Business Forum in Bangalore. The forum, which took place on Wednesday, coincided with the President's ongoing state visit to India.
In his remarks, President Muizzu highlighted several key initiatives...
Maldives Showcased at TTG Travel Experience 2024 in Italy
The Maldives is being prominently represented at the TTG Travel Experience 2024 in Rimini, Italy, by the Maldives Marketing and Public Relations Corporation (MMPRC). Running from 9th to 11th October, the event is a key opportunity for promoting the Maldives as a premier travel destination within the Italian market.
In collaboration with 64 representatives...
Ooredoo Marks Customer Service Day with CEO Leading Digital Care Efforts
Ooredoo Maldives celebrated Customer Service Day on 8th October by launching a unique initiative titled ‘Top Floor to Shop Floor’, which saw senior management and executives directly engaging with customers across the nation. As part of this effort, Ooredoo's leadership visited customer service centres, business partner outlets, and service locations to better understand customer needs and concerns.
PADI and Chinese Celebrity Victor Ma Collaborate on Marine Conservation Film in the Maldives
Chinese actor and singer Victor Ma has teamed up with the Professional Association of Diving Instructors (PADI) to produce a short film aimed at promoting marine conservation. The film, shot on Fuvahmulah Island, showcases the island's rich biodiversity and highlights the importance of protecting marine ecosystems.
Victor Ma, a well-known figure in the Chinese...
How Gender Data Can Drive Policy Changes in the Maldives: Key Findings and Recommendations
The Maldives has made significant progress in promoting gender equality over the past decade, enshrining equal rights in the 2008 Constitution, passing the Gender Equality Act in 2016, and setting quotas for women’s representation in local councils. Despite these efforts, gender disparities remain in various sectors, from economic participation to political representation. The recently published report, The Role...
MPL to Reduce Free Storage Period at Malé Commercial Port to Ease Congestion
The Maldives Ports Limited (MPL) is set to reduce the free storage period for containers at the Malé commercial port, a move aimed at easing congestion in the limited space available, according to MPL CEO Mohamed Wajeeh Ibrahim. Wajeeh announced the upcoming changes during a ceremony to welcome the arrival of MSC Manasa F, a cargo ship...
Maldives Wins Indian Ocean’s Best Spa Destination 2024 at World Spa Awards
The Maldives has been recognised as the Indian Ocean's Best Spa Destination at the 10th Annual World Spa Awards, solidifying its position as a prominent player in global spa and wellness tourism. The award reflects the country’s reputation for offering world-class spa experiences, known for excellence and innovation in the industry.
In addition to...
LATEST ARTICLES
MIRA’s Revenue Recovery Efforts Yielding Positive Results, Says Commissioner General of Taxation
The Commissioner General of Taxation, Hassan Zareer, has revealed that the Maldives Inland Revenue Authority’s (MIRA) ongoing efforts to recover outstanding revenue...
Dr. Mohamed Mahid Shareef Appointed CEO of Institute of Chartered Accountants of the Maldives
The Institute of Chartered Accountants of the Maldives (CA Maldives) has appointed Dr. Mohamed Mahid Shareef as its new Chief Executive Officer...
Targeted Cash Transfers Proposed to Mitigate Impact of Subsidy Reforms in the Maldives
A recent report by the World Bank has raised concerns about the potential impact of removing blanket subsidies in the Maldives, warning...
Maldives Strengthens Conservation Efforts for Whale Sharks with New Regulation
The Government of Maldives has introduced a new regulation, No. 2024/R-96, aimed at enhancing the conservation of whale sharks, reinforcing its commitment...
GEF Allocates MVR 1.5 Million to Community Organisations in Laamu Atoll Through ‘Endheri’ Project
The Global Environment Facility (GEF) has allocated MVR 1.5 million in financial aid to three community-based organisations in Laamu Atoll as part...
