Report: Promises Unfulfilled, President Muizzu’s First Year in Office
One year ago, President Dr Mohamed Muizzu assumed office amidst high hopes and towering promises to revitalise the Maldivian economy and streamline government operations. As his administration marks its first anniversary, questions loom large over its ability to deliver on those commitments. Despite some strides in policy formulation, tangible progress remains elusive, leaving many to wonder whether...
Maldives Pension Administration Office Recognised at ISSA Good Practice Awards 2024
The Maldives Pension Administration Office (MPAO) has been recognised for its innovative approaches to pension management at the International Social Security Association (ISSA) Good Practice Award for Asia and the Pacific Competition 2024. The awards highlight MPAO’s commitment to streamlining processes and adopting international best practices in building a sustainable pension system.
The MPAO...
Gov’t Expenditure Rises Amid Declines in Development Spending
According to the latest Weekly Fiscal Developments report published by the Ministry of Finance, the Maldives government’s expenditure rose by MVR 756 million as of November 28 this year compared to the same period in 2022, despite delays in several Public Sector Investment Programme (PSIP) projects due to financial constraints. Total spending reached MVR 45 billion, up from MVR...
Maldives Seeks Commissioner of Reform to Lead Economic Overhaul
The Ministry of Finance has released detailed terms of reference for the position of Commissioner of Reform, who will head the newly established Economic Reform Office. The commissioner will spearhead strategic initiatives focusing on economic, fiscal, and state-owned enterprise (SOE) reforms to strengthen the Maldives' financial framework.
Key Responsibilities and Goals
President Muizzu Lauds High Commissioner Mahawar’s Contributions to Bilateral Partnership
The High Commissioner of India to the Maldives, Munu Mahawar, made a farewell call on President Dr Mohamed Muizzu as his diplomatic tenure in the Maldives comes to an end. The meeting, held at the President’s Office, highlighted the strengthened ties between the two nations during the High Commissioner’s tenure.
President Muizzu commended High...
Maldives’ Economic Growth Decelerates Amid Mixed Sector Performance
The Maldives Monetary Authority's November 2024 Economic Update reveals a tempered economic growth trajectory, with real GDP expanding by 4.5% in the second quarter of 2024 compared to 7.7% in the first quarter. This deceleration was attributed to declines in key sectors, including fisheries, construction, and manufacturing, contrasting with gains in public administration, transportation, tourism, and real...
President Muizzu Meets Fishermen to Address Industry Challenges
President Dr Mohamed Muizzu convened a meeting with fishermen at the President's Office yesterday to address pressing challenges within the fishing industry. Representatives from the fishing community highlighted concerns such as low fish prices, difficulties in securing fuel and financing, and obstacles in offloading their catch. They also urged the continuation of initiatives aligned with the President's...
Gov’t Responds to Moody’s Credit Rating Confirmation
On 3rd December 2024, Moody’s confirmed the Maldives’ long-term local and foreign currency issuer rating at Caa2, maintaining a negative outlook. The Maldives Ministry of Finance has since issued a statement reaffirming its commitment to addressing fiscal challenges through structural reforms and financial safeguards.
According to the ministry, the government remains focused on enhancing foreign...
First National Real Estate and Hospitality Fund Launches in the Maldives
The Maldives has welcomed a significant addition to its investment landscape with the launch of the First National Real Estate and Hospitality Fund Plc. This marks the first fund of its kind in the country, opening up opportunities for local and international investors to enter the lucrative real estate market.
Hassan Ziyath, CEO of...
President Muizzu Ratifies Fiscal Responsibility and Debt Management Laws
President Dr. Mohamed Muizzu ratified the National Fiscal Responsibility Bill and the National Debt Bill on 3rd December 2024, introducing new legal frameworks aimed at enhancing the Maldives’ fiscal discipline and debt management. Both bills were passed by Parliament during its 55th sitting on 27th November 2024 and are set to take effect six months from their...
Maldives Crowned World’s Leading Green Destination for 2024
The Maldives has been named the World’s Leading Green Destination at the 2024 World Travel Awards, a significant recognition of the nation’s sustainability efforts. This marks the first time the Maldives has received this esteemed accolade, standing out among global competitors such as Chile, Madagascar, Norway, and Peru.
The award highlights the Maldives’ ambitious...
Maldives Showcases Luxury Tourism at ILTM Cannes 2024
The Maldives Marketing and Public Relations Corporation (MMPRC) is showcasing the Maldives’ luxury travel offerings at the International Luxury Travel Market (ILTM) Cannes 2024, held from 2–5 December at the Palais des Festivals et des Congrès. The event serves as a premier platform for luxury travel professionals, bringing together travel advisors, luxury brands, and industry representatives from...
Moody’s Confirms Maldives’ Caa2 Rating with Negative Outlook
Moody’s Ratings has confirmed the Maldives’ long-term local and foreign currency issuer ratings at Caa2 with a negative outlook. This decision concludes a review initiated in September 2024 to assess the country's external liquidity position and creditworthiness.
The confirmation reflects the recent accumulation of foreign exchange reserves following a currency swap agreement with India...
Chinese Ambassador Bids Farewell to Maldives, Strengthens Bilateral Ties
The Ambassador of the People's Republic of China to the Maldives, Wang Lixin, paid a farewell call on President Dr Mohamed Muizzu, marking the conclusion of her tenure. The meeting highlighted the enduring partnership between the two countries and explored avenues for further cooperation.
President Muizzu extended warm wishes to Ambassador Wang, expressing appreciation...
Ooredoo Maldives Launches Truly Unlimited SuperNet Plans
Ooredoo Maldives has introduced an unprecedented upgrade to its SuperNet services, offering customers truly unlimited internet with no data caps. The newly launched SuperNet Unlimited plans provide speeds ranging from 25Mbps to a remarkable 1GBPS, setting a new benchmark for internet services in the Maldives.
The upgrade enables seamless streaming, ultra-low latency gaming, and...
Sea-to-Air Cargo Service at VIA Reaches Milestone with 1,000 Tons Transported
The Maldives Airports Company Limited (MACL) has announced that its sea-to-air cargo service at Velana International Airport (VIA) has successfully facilitated the transport of 1,000 tons of goods. This logistics initiative, designed to expedite and secure the delivery of cargo received via sea, has seen growing interest, with Virgin Atlantic becoming the latest airline to join the...
Finance Minister Asserts Bankruptcy Warnings Have Ceased
Finance Minister Moosa Zameer has stated that international financial institutions, including the International Monetary Fund (IMF) and credit rating agencies, are no longer warning about the Maldives being at risk of bankruptcy. The announcement was made during a parliamentary sitting on Tuesday, where Zameer addressed concerns raised by South Feydhoo MP Ibrahim Didi about the country’s mounting...
Money Changing Licenses Expire as MMA Receives 98 Applications Under the New Regulation
The Maldives Monetary Authority (MMA) has announced the expiration of money-changing licenses for businesses that failed to apply under the new Regulation on Foreign Currency, which introduced Tier-1 and Tier-2 licensing categories. The application window, which opened on 2 October, closed on 30 November 2024.
During this period, the MMA received 98 applications for...
Maldives to Join Asia Pacific Regional Forum on Health and the Environment
The Cabinet of Ministers has approved the Maldives’ membership in the Asia Pacific Regional Forum on Health and the Environment (APRFHE), following a proposal presented by the Ministry of Health during a cabinet meeting on 1 December 2024.
Membership in the APRFHE is set to enhance the Maldives’ collaboration with member states, fostering regional...
President Ratifies Urban Development Act
President Dr Mohamed Muizzu has ratified the Urban Development Act, establishing a comprehensive legal framework to guide urban planning and development across the Maldives. The act, passed by Parliament during its 55th sitting, aims to ensure sustainable and orderly urban growth while adhering to legal standards.
The legislation defines urban areas, categorises zones, and...
Moosa Nimal Appointed Chief Business Officer of Bank of Maldives
The Bank of Maldives (BML) has appointed Moosa Nimal as its new Chief Business Officer (CBO), recognising his extensive contributions to the institution and the banking sector. Starting his career at BML in 2003 as an Assistant at the Bank’s Main Branch, Nimal’s journey reflects a steadfast commitment to professional growth and excellence.
Over...
Maldives Balances Mild Inflation and Rising Construction Costs as Tourism Grows
Recent data from Maldives Bureau of Statistics reveals a mixed outlook for the country, with stable consumer prices in October 2024 contrasting with rising producer prices in key sectors such as construction and tourism. These trends highlight both opportunities and challenges as the country adjusts to shifting global and domestic economic conditions.
Inflation...
Parliament Approves Stricter Copyright Act with Fines Up to MVR 300,000
The parliament has passed amendments to the Copyright Act, introducing stricter penalties and extended protections for intellectual property rights. The revised law, approved by 57 members in Monday’s session, allows for fines ranging from MVR 50,000 to MVR 300,000 for copyright violations, depending on the severity of the offence.
The government-backed bill, sponsored by...
Govt’s Pension Reversal Highlights Policy Woes
The government has reversed its decision to discontinue monthly pension allowances for new retirees entitled to double pensions. This change reportedly follows direct instructions from President Dr. Mohamed Muizzu, though no official statement has been released to confirm the reversal.
The original policy, announced by the Finance Ministry, was slated to take effect in...
LATEST ARTICLES
Report: Promises Unfulfilled, President Muizzu’s First Year in Office
One year ago, President Dr Mohamed Muizzu assumed office amidst high hopes and towering promises to revitalise the Maldivian economy and streamline...
Maldives Pension Administration Office Recognised at ISSA Good Practice Awards 2024
The Maldives Pension Administration Office (MPAO) has been recognised for its innovative approaches to pension management at the International Social Security Association...
Gov’t Expenditure Rises Amid Declines in Development Spending
According to the latest Weekly Fiscal Developments report published by the Ministry of Finance, the Maldives government’s expenditure rose by MVR 756 million as...
Maldives Seeks Commissioner of Reform to Lead Economic Overhaul
The Ministry of Finance has released detailed terms of reference for the position of Commissioner of Reform, who will head the newly...
President Muizzu Lauds High Commissioner Mahawar’s Contributions to Bilateral Partnership
The High Commissioner of India to the Maldives, Munu Mahawar, made a farewell call on President Dr Mohamed Muizzu as his diplomatic...
