Maldives Launch First Development Bank to Support Economic Growth
President Dr. Mohamed Muizzu has inaugurated the Development Bank of Maldives (DBM), fulfilling a key pledge from his manifesto. The launch, which took place on 16th November 2024, was carried out in collaboration with the Ministry of Economic Development and Trade (MEDT) and the Maldives International Financial Services Authority (MIFSA).
The DBM, the first...
Maldives and Azerbaijan Sign Key Bilateral Agreements to Strengthen Cooperation
The Maldives and Azerbaijan have signed two significant bilateral agreements to deepen cooperation between the two nations. The signing ceremony took place in Baku, Azerbaijan, where Maldives' Minister of Foreign Affairs, Dr. Abdulla Khaleel, met with his Azerbaijani counterpart, Minister Jayhun Bayramov, on the sidelines of the UNFCCC Conference.
The first agreement, titled the...
Maldives Government Spending Reaches MVR 41.59 Billion
The Maldives government has spent MVR 41.59 billion from the National Budget 2024 as of 7 November, according to the latest Weekly Fiscal Development Report released by the Ministry of Finance. This figure includes expenditure on loan repayments, reflecting a slight increase from the MVR 41.2 billion spent during the same period last year.
MMA Governor Calls for Improved System to Target Subsidy Recipients and Address Rising Student Loan Costs
Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, has emphasised the urgent need for a more effective system to accurately identify those most in need of subsidies. Speaking at the Parliament's Budget Committee, the governor highlighted that while recent subsidy reforms have been beneficial, they require meticulous planning to ensure their effectiveness.
Munawwar...
Health Minister Highlights Financial Strain of Aasandha Scheme, Announces Plans for Reform
Health Minister Abdulla Nazim Ibrahim has raised concerns over the financial burden placed on the state budget by the Aasandha national health insurance scheme, citing its unlimited spending model as unsustainable. The minister made these remarks during a ceremony marking the elevation of Hulhumale Hospital to tertiary-level status on Saturday.
Nazim stressed that while...
Registration for Ooredoo Maldives Fun Run Closes Today
The deadline to register for Ooredoo Maldives Fun Run, described as "The Happiest Run in the Maldives," is set to expire today. The 5-kilometre event promises participants a unique and lively experience, blending foam, water, and obstacles at every kilometre for an exciting and family-friendly adventure.
Scheduled to take place on 20 December 2024...
Maldives Begins Talks to Refinance Over USD 1 Billion in Debt, Says Finance Minister
Finance Minister Moosa Zameer has announced that the Maldives has initiated discussions to refinance more than USD 1 billion in debt. Speaking to a parliamentary committee reviewing the 2025 budget, Zameer elaborated that the country has largely relied on bilateral relationships for its borrowing, which, according to him, facilitates more flexible repayment negotiations compared to traditional credit...
Finance Minister Announce Gradual Reforms to Subsidy and Insurance Systems
Minister of Finance Moosa Zameer has announced that the government will implement reforms to the subsidy-issuing system in phases, with a focus on ensuring these changes do not place undue pressure on residents. The statement was made during the minister's address to the Parliament's Budget Committee, where he was joined by the Governor of Maldives Monetary Authority...
Dhiraagu Partners with National Skills Expo to Empower Maldivian Youth
Dhiraagu has officially signed on as the exclusive Digital Partner for the upcoming Dhaalan: National Skills and Career Expo 2024. The event, organised by the Ministry of Higher Education, Labour and Skills Development, is scheduled to take place on 15-16 November at Central Park, Hulhumale’.
The expo will bring together government ministries, agencies, and...
MIRA Issues Regulation for Special Economic Zones Following Agreement with IFZA
The Maldives Inland Revenue Authority (MIRA) has issued a regulation outlining the submission requirements for developers and investors operating within the country’s Special Economic Zones (SEZs). This follows the government's recent Memorandum of Understanding with Dubai's International Free Zone Authority (IFZA) signed on 12 May 2024, aiming to develop key economic hubs, including a financial services zone...
President Nasheed Opposes Central Bank Rule on Foreign Exchange for Tourism Sector
Former President Mohamed Nasheed has voiced his opposition to the Maldives Monetary Authority's (MMA) regulation requiring tourism businesses to deposit and convert a portion of their foreign exchange earnings through local banks. The rule mandates that resorts and other tourism establishments exchange USD 500 per tourist at a local bank, a move that has reportedly faced resistance...
MATI Shared Concerns of Economic Fallout Over Exchange Controls by MMA
The Maldives Association of Tourism Industry (MATI) had shared serious concerns prior to Maldives Monetary Authority (MMA) introducing foreign exchange controls in October, warning that the measures could severely impact investor confidence and the broader economy.
MATI sent a letter to MMA Governor Ahmed Munawar on 29 September 2024, two days before the central...
Report: The Maldives’ Role in Shaping Global Climate Finance
The 29th Session of the Conference of Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC) convened in Baku, Azerbaijan, has become a critical juncture in the global fight against climate change. Among the nations advocating for urgent action, the Maldives emerged as a vocal and influential player.
The...
Bunkering Service Generates USD 1.5 Million in Revenue, Says Minister
Economic Minister Mohamed Saeed has revealed that the Maldives’ recently launched bunkering service has generated approximately USD 1.5 million in revenue. The announcement was made during the ‘Haftha 52’ programme, which highlights the achievements of the current administration as it completes one year in office.
Speaking on the programme, Minister Saeed underscored that the...
President Muizzu Meets AIIB President at COP29 to Strengthen Development Cooperation
On the sidelines of COP29, President Dr Mohamed Muizzu held a meeting with Mr Jin Liqun, President and Chair of the Board of Directors of the Asian Infrastructure Investment Bank (AIIB), to discuss ongoing and future collaborations aimed at enhancing the Maldives' sustainable development.
During the meeting, President Muizzu expressed appreciation for the AIIB’s...
Ooredoo Maldives Announces Record Date for Extraordinary General Meeting
Ooredoo Maldives has officially announced that its upcoming Extraordinary General Meeting (EGM) will take place in December 2024. The telecommunications company confirmed that the record date for the EGM has been set for Wednesday, 27th November 2024, at 14:00. Shareholders registered by this date will be eligible to attend and vote, either in person or by proxy.
MP Urges Parliament to Address Tourism Sector Concerns Over MMA’s Dollar Rules
Galolhu North MP Mohamed Ibrahim (MDP) has urged the parliament to summon representatives from the tourism sector to address growing concerns surrounding the new dollar exchange regulations introduced by the Maldives Monetary Authority (MMA). In a formal request submitted on Wednesday, MP Ibrahim called for an economic committee meeting to explore the impact of the recent foreign...
Champa Moosa Calls on Maldives Monetary Authority to Repeal New Foreign Exchange Regulations
Prominent tourism leader Champa Mohamed Moosa has formally requested the Maldives Monetary Authority (MMA) to suspend its newly introduced foreign exchange regulations targeting tourism businesses. In a letter addressed to MMA Governor Ahmed Munawar, Moosa expressed serious concerns over the potential impacts of the regulation, which was implemented without prior industry consultation.
The regulation,...
President Ratifies Amendment to Tobacco Control Act
President Dr Mohamed Muizzu has ratified the First Amendment to the Tobacco Control Act, introducing stringent new measures to regulate the use of tobacco in the Maldives. The amendment, which was passed by the Parliament on 12 November 2024, focuses on banning electronic cigarettes (e-cigarettes) and tightening restrictions on tobacco sales.
The newly enacted...
Tourism Ministry to Launch Targeted Inspections of Guesthouses in Key Atolls
The Maldives’ Ministry of Tourism has announced plans to conduct targeted inspections within the next two weeks to address the issue of illegal and unregistered guesthouses in popular local tourism areas. The initiative comes in response to concerns raised during a recent appearance by ministry officials before the parliament's rules committee, where the safety and compliance of...
Maldives’ October Revenue Drops 14% Year-on-Year
The Maldives Inland Revenue Authority (MIRA) has reported that the country's total revenue collection for October 2024 reached MVR 1.73 billion. This represents a 14.2% decline compared to the same period last year. The decrease is largely attributed to the lack of adjustments in payment deadlines for key taxes, unlike in October 2023, when deadlines for GST,...
Dhiraagu’s ‘Win a Speedboat’ Promotion Nears Exciting Finale with Magellan 32 Grand Prize
Dhiraagu's much-anticipated ‘Win a Speedboat’ promotion is nearing its thrilling conclusion, as the grand prize—a Magellan 32 speedboat—enters the final stages of construction. The speedboat is being locally built by Al Shaali Marine Maldives, the country’s leading boat manufacturer, with substantial progress already made in assembling its hull and deck. The next few weeks will involve completing...
Maldives Proposes Pension Reforms to Exclude High-Income Earners in 2025 Budget
The Maldivian government has proposed changes to its pension system in the 2025 budget, which will see the basic pension of MVR 5,000 per month restricted to those with lower incomes. The adjustment, set to take effect from April 2025, is aimed at ensuring the sustainability of pension funds amidst rising life expectancy and increasing expenditure.
MMA Clarifies Reserve Data Following Currency Swap with India
The Maldives Monetary Authority (MMA) has provided an update on its foreign exchange reserves following a recent currency swap arrangement with the Reserve Bank of India (RBI). The arrangement, which brought in USD 400 million, was aimed at bolstering the country’s foreign reserves and ensuring economic stability.
In a statement released yesterday, the MMA...
LATEST ARTICLES
Maldives Launch First Development Bank to Support Economic Growth
President Dr. Mohamed Muizzu has inaugurated the Development Bank of Maldives (DBM), fulfilling a key pledge from his manifesto. The launch, which...
Maldives and Azerbaijan Sign Key Bilateral Agreements to Strengthen Cooperation
The Maldives and Azerbaijan have signed two significant bilateral agreements to deepen cooperation between the two nations. The signing ceremony took place...
Maldives Government Spending Reaches MVR 41.59 Billion
The Maldives government has spent MVR 41.59 billion from the National Budget 2024 as of 7 November, according to the latest Weekly...
MMA Governor Calls for Improved System to Target Subsidy Recipients and Address Rising Student...
Governor of the Maldives Monetary Authority (MMA), Ahmed Munawwar, has emphasised the urgent need for a more effective system to accurately identify...
Health Minister Highlights Financial Strain of Aasandha Scheme, Announces Plans for Reform
Health Minister Abdulla Nazim Ibrahim has raised concerns over the financial burden placed on the state budget by the Aasandha national health...
