Can Blue Carbon Credits Save the Maldives from Climate Crisis?
The Maldives, renowned for its picturesque islands and vibrant marine life, faces an existential challenge as climate change accelerates sea level rise and intensifies extreme weather events. With a significant portion of the nation's economy reliant on tourism and fisheries, the Maldives has intensified environmental sustainability efforts. Among these initiatives, the Maldives has embarked on the "Blue...
Plastic Bag Fee Boosts Tax Revenue and Promotes Sustainability in the Maldives
The Maldives Inland Revenue Authority (MIRA) introduced a significant environmental tax on plastic bags in 2023, aimed at reducing plastic waste and enhancing tax revenue collection. Effective from 18th April 2023, the plastic bag fee mandates a charge of MVR 2 per plastic bag given or sold at the point of sale. This initiative is part of...
MIRA Reports MVR 20.6 Billion in Tax Revenue Last Year
The Maldives Inland Revenue Authority (MIRA) reported a total tax revenue of MVR 20.62 billion for 2023. According to the authority's 2023 annual report, this is a 28.2% increase compared to 2022 and exceeds the 2023 projection by 4.9%.
Meanwhile, non-tax revenue for 2023 amounted to MVR 4.24 billion, marking a 29.8% decrease compared...
Tourism Minister Faisal Pledges 15 – 20% Occupancy Increase During Low Season
The Minister of Tourism, Ibrahim Faisal, has announced plans to intensify advertising efforts to attract more tourists during the Maldives' low tourism season.
In an exclusive interview with local media, the minister revealed that the government will increase the Maldives Marketing and Public Relations Corporation (MMPRC) budget to facilitate these efforts, focusing on the...
Addu City to Convert Entirely to Renewable Energy
Addu City is set to generate all its electricity from renewable energy sources, a significant step towards sustainability. Mayor Ali Nizar has announced that the ongoing energy projects will ensure the city meets its entire energy demand through renewable means.
Addu City already produces approximately 11 MW of electricity through oil combustion. However, with...
Maldives Participates in 56th Session of UN Human Rights Council
The 56th Session of the United Nations Human Rights Council commenced in Geneva, Switzerland, and will run from 18 June to 12 July 2024. The Maldives delegation, in alignment with the Government’s key policies and priorities, is set to deliver national statements under several agenda items during the session.
Representing a group of Small...
Maldives Poised to Welcome One Millionth Tourist of the Year By June-End
Minister of Tourism Ibrahim Faisal has announced that the Maldives is set to welcome its one millionth tourist of the year later this month. The announcement was made during an exclusive interview with PSM News.
Minister Faisal highlighted that over 900,000 tourists have already visited the Maldives this year, with the one millionth visitor...
World Bank Appoints New Country Director for Maldives, Nepal, & Sri Lanka
The World Bank has appointed David Sislen as the new Country Director for Maldives, Nepal, and Sri Lanka, effective July 1, 2024. Sislen takes over from Mr. Faris Hadad-Zervos, who will transition to a new role within the World Bank organisation.
In a press release shared today, the international financial institution reveals that Sislen,...
Kevin Che | Managing Director of KLN International
Kevin Che is the Managing Director of KLN International Co., Limited, a company established in 2009 that excels in international trade and logistics, serving a diverse array of sectors including furniture, electronics, and textiles. With a robust focus on quality control and client service, KLN offers comprehensive solutions ranging from product sourcing to shipping.
MIRA Reports 102% Increase in Zakat al-Mal Collection
The Maldives Inland Revenue Authority (MIRA) has reported a significant increase in Zakat al-Mal collections for May. The financial report reveals that USD 590,142 was collected during the month, a 102% increase from the USD 291,828 collected in May 2023.
Despite this surge, overall Zakat al-Mal collections for the year have decreased by...
Government Spending on Development Projects Drops by Half
The Maldivian government’s spending on major development projects has plummeted, with current capital expenditure at MVR 3.5 billion, a stark 50% reduction from MVR 6.5 billion in the same period last year. This significant drop is attributed to reduced investments in road and airport developments, which saw expenditures fall to MVR 300 million from MVR 2 billion...
HDC Removes Unauthorised Beach Outlets in Hulhumale Phase II
The Housing Development Corporation (HDC) is removing unauthorised huts and commercial outlets from the beach areas of Hulhumale Phase II.
In May, HDC notified all unauthorised huts and commercial outlets to dismantle their structures by June 15. However, several individuals continued to engage in commercial activities without the necessary permits after the deadline. These...
Minister Highlights Urgent Need for Discussions on Population Dynamics
Minister of Social and Family Development Dr. Aishath Shiham has underscored the pressing necessity for national dialogues concerning the Maldives’ shifting population trends. In an interview with PSM News, Minister Shiham pointed out that numerous countries are grappling with declining birth rates and are implementing measures such as child allowances and enhanced childcare arrangements for working parents.
MIRA Freezes Over 200 Bank Accounts to Recover Unpaid Taxes
The Maldives Inland Revenue Authority (MIRA) has frozen the bank accounts of more than 200 individuals who failed to pay taxes last year. This action was outlined in MIRA's 2023 annual report, released on Thursday.
Major Recoveries Noted
MIRA's report revealed that 285 individuals had their bank accounts frozen last year,...
STO Reports Net Profit Increased by 20 Million
The State Trading Organization Plc. (STO) has released its 2023 annual report, revealing a net profit of MVR 1.09 billion in 2023, slightly higher than the MVR 1.07 billion recorded in 2022. This represents a 1.3% increase and marks the highest net profit in the group's history.
Meanwhile, STO's total revenue for the year...
Gov’t Recurrent Expenditure Sees MVR 627 Million Increase
The Maldivian government's recurrent expenditures increased by MVR 627 million in the first week of June this year compared to the same period last year.
The Ministry of Finance's latest "Weekly Fiscal Development Report" shows recurrent expenditures increased by MVR 627 million over the previous year, with 14.12 billion spent as of June...
New Resorts to Boost Maldives Tourism with 2,700 Extra Beds: Minister
Minister of Tourism Ibrahim Faisal has revealed an additional 2,700 beds will be added to the Maldives tourism industry this year.
In an exclusive interview with PSM News, Minister Faisal emphasized the government's commitment to enhancing the tourism industry, particularly in areas lacking tourist infrastructure.
"With the launch of 12-15 new...
President’s Office Reveals SIDS Conference Trip Cost MVR 3.8 Million
The President's Office has disclosed that MVR 3.8 million was spent on President Dr. Mohamed Muizzu and his delegation's recent trip to attend the Small Island Developing States (SIDS) Conference in Antigua and Barbuda.
The seven-day trip, undertaken from May 24 onwards, involved a delegation of 16 officials. A detailed breakdown of expenditures during...
Foreign Workers in Maldives Must Obtain Island-Specific Permits, Says Minister
Minister of Homeland Security and Technology Ali Ihusaan has revealed that the Maldivian government will introduce a new policy mandating foreign labourers obtain additional permits for each island they work on.
During an exclusive interview with PSM News, the minister stated that the policy is part of a broader strategy to combat illegal immigration,...
Ooredoo Maldives Commemorates N. Landhoo as First Digital Island
Ooredoo Maldives has recognised N. Landhoo as the first Digital Island in the Maldives.
On Sunday, Hussain Niyaz, the Chief Commercial Officer of Ooredoo Maldives, presented a special plaque to Abdul Azeez, the President of the N. Landhoo Council. Alongside this recognition, Niyaz also launched the official website of N. Landhoo, www.landhoo.gov.mv.
Winner of Dhiraagu’s ‘Win a Tesla’ Promotion Announced
Dhiraagu has announced the winner of its much-anticipated 'Win a Tesla' promotion. Mohamed Musthafa of Thulusdhoo secured the grand prize—a white Tesla Model III electric car.
The announcement occurred last night during the Dhiraagu Eid Show at Central Park, Hulhumale'. The event featured various musical performances, culminating in the much-anticipated lucky draw.
Report: Unravelling the Economic Fragility of the Maldives
The Calm Before the Storm
The Maldives, often perceived as a tropical haven, is on the brink of an economic meltdown. This looming crisis didn’t just happen overnight; it’s a catastrophe years in the making, echoing the chaos that crippled Sri Lanka. Internal strife, unchecked nationalism, deteriorating foreign relations, religious extremism, and unsustainable borrowing...
Shiuree Appointed as New Managing Director of MMPRC
Ibrahim Shiuree has been appointed the new Managing Director of the Maldives Marketing and Public Relations Corporation (MMPRC).
Shiuree has previously served on the Steering Committee of the World Bank's Enhancing Employability and Resilience of Youth project.
Notably, Shiuree currently holds the position of Vice President of the Table Tennis...
Dhiraagu Unveils Special Offers to Celebrate UEFA Euro 2024 and Eid-ul-Adha
At a special press conference held today at the Dhiraagu Head Office, the telecommunications company Dhiraagu announced its new offers to celebrate the upcoming UEFA Euro 2024 tournament and Eid-ul-Adha.
Hassan Sharih Adam, the Manager of Marketing Communications at Dhiraagu, expressed his excitement about the launch of two new offers designed to enhance the...
LATEST ARTICLES
Can Blue Carbon Credits Save the Maldives from Climate Crisis?
The Maldives, renowned for its picturesque islands and vibrant marine life, faces an existential challenge as climate change accelerates sea level rise...
Plastic Bag Fee Boosts Tax Revenue and Promotes Sustainability in the Maldives
The Maldives Inland Revenue Authority (MIRA) introduced a significant environmental tax on plastic bags in 2023, aimed at reducing plastic waste and...
MIRA Reports MVR 20.6 Billion in Tax Revenue Last Year
The Maldives Inland Revenue Authority (MIRA) reported a total tax revenue of MVR 20.62 billion for 2023. According to the authority's 2023...
Tourism Minister Faisal Pledges 15 – 20% Occupancy Increase During Low Season
The Minister of Tourism, Ibrahim Faisal, has announced plans to intensify advertising efforts to attract more tourists during the Maldives' low tourism...
Addu City to Convert Entirely to Renewable Energy
Addu City is set to generate all its electricity from renewable energy sources, a significant step towards sustainability. Mayor Ali Nizar has...
