MMA Clarifies Loan Restructuring Situation with China
Deputy Governor of the Maldives Monetary Authority (MMA), Ahmed Imad, addressed concerns regarding the restructuring of loans owed to China. As of Wednesday, the MMA has not received any official information indicating that China has restructured the loans due to them.
This clarification comes in the wake of President Dr Mohamed Muizzu’s announcement in January....
Parliament Considers Amendments to Land Act
Parliamentarian Moosa Siraj has introduced a bill proposing significant amendments to the Maldivian Land Act, aiming to modernize the legislation and address present-day land management challenges. The bill has sparked discussion and debate among parliamentarians.
The proposed amendments encompass regulations for classifying land, allocation for various uses, and distribution to ministries and individuals. The...
Gov’t Postpones Salary Hike for Judiciary and Independent Bodies
The Maldivian Finance Ministry has announced a delay in implementing Parliament-approved salary increases for judges and members of independent commissions. The decision comes despite Parliament's approval of the pay hikes on February 28th.
The Finance Ministry cited potential delays in salary disbursement due to the administrative changes required to implement the new pay structure....
Gov’t Partners with HDFC to Launch Housing Finance Scheme
The government has partnered with the Housing Development Finance Corporation (HDFC) to introduce the "Hiyaavehi Finance Scheme." The initiative aims to provide affordable housing finance options to citizens across the Maldives.
The Housing Development Finance Corporation (HDFC) is a key financial institution in the Maldives, specializing in mortgage and housing finance solutions. Established in...
Maldivian to Launch Direct Flights to Colombo
Maldivian is set to expand its network with the introduction of direct flights to Colombo, Sri Lanka, starting on April 25th, 2024. This new route offers travellers a convenient way to experience the cultural richness and history of Sri Lanka beyond the beaches of the Maldives.
DayRouteFlight No.Dep. TimeArr. TimeFleetTHU/SATMLE-CMBQ2-94019:3521:35320THU/SATCMB-MLEQ2-94122:3523:25320
Maldivian...
Central Bank to Boost US Dollar Supply in 2024
The Central Bank of Maldives (MMA) has pledged to increase the supply of US dollars to commercial banks in 2024, a move aimed at easing liquidity pressures in the foreign exchange market. The announcement was made by Deputy Governor Ahmed Imad during a parliamentary finance committee meeting.
MP Ibrahim Shareef raised concerns about banks...
Maldives Seeks Public Support for World Travel Awards
The Maldives is once again vying for nine prestigious accolades in the Indian Ocean's category of the World Travel Awards (WTA). To boost public support and highlight the nation's exceptional beauty, the Maldives Marketing and Public Relations Corporation (MMPRC/Visit Maldives) is organising a special Voting Event on the 28th of March 2024. The event will be held...
Parliament Rejects Sovereign Development Fund Bill
Parliament has rejected a government-sponsored bill designed to regulate the country's Sovereign Development Fund (SDF). The deadlock arose during a parliamentary session marked by the absence of pro-government MPs. With the vote tied, Deputy Speaker Ahmed Saleem cast the deciding vote against the bill.
The Thulusdhoo MP, Ibrahim Naseem, had submitted the bill on...
Aasandha Costs Skyrocket 60%, Reforms Needed to Protect Coverage
Minister of Social and Family Development, Dr Aishath Shiham, has revealed a concerning 60% surge in government spending on the national health insurance scheme, Aasandha, over the past five years. The revelation came in response to questioning by Addu City Meedhoo MP Rozaina Adam during a parliamentary session.
Dr Shiham attributed the escalating costs...
Considering the Economic and Strategic Implications of a Major Seaport
The Maldives may be on the cusp of a profound transformation. Discussions are afoot regarding the development of a major seaport, a move that has the potential to reshape the nation's economy and its geopolitical significance within the Indian Ocean.
A Strategic Location
The Maldives occupies a vital position astride...
Gov’t Waives Penalties on Unpaid Utility Bills, Easing Financial Burdens
A significant move to ease the financial burdens on residents will take effect on April 1st. Utility companies have announced they will waive penalties for long-standing unpaid electricity and water bills, in line with a decision made by President Dr Mohamed Muizzu.
The Maldives Water and Sewerage Company (MWSC) will waive penalties on unpaid...
Early Detection Initiative Could Boost Sustainability of Aasandha Health Insurance Scheme
Over 500 individuals have taken advantage of medical check-ups offered under the Maldives' government-backed Aasandha health insurance scheme, demonstrating the value of early detection initiatives. The program, implemented to promote proactive healthcare, could lead to greater sustainability for the comprehensive insurance scheme.
Since the launch of this service on January 1, 2024, Aasandha has...
CMEC to Develop Key Infrastructure in Hulhumale Expansion
A major infrastructure development agreement has been signed between Maldives and China Machinery Engineering Construction (CMEC). The focus of the project is Hulhumale Phase 3, where CMEC will oversee the establishment of essential utilities.
The agreement will see CMEC complete the electricity network for the area. Additionally, a Gigabit Passive Optic Network (GIPON) will...
CROSSROADS Maldives Offers Revenue-Sharing Leases at The Marina
CROSSROADS Maldives has announced a unique opportunity for entrepreneurs and brands. The destination is offering revenue-sharing leases at The Marina, allowing businesses to establish themselves within this bustling hub, which attracts a diverse clientele.
A limited number of spaces are available for lease this year, ranging from 9 to 212 square meters. These units,...
MIFCO Chief Suspended Amid Allegations, Denies Wrongdoing
Ahmed Shamah Rasheed, Managing Director and CEO of the Maldives Industrial Fisheries Company (MIFCO), remains suspended from his position amidst ongoing investigations into his conduct. Mr. Shamah forcefully denies any wrongdoing, stating, "I have done nothing that warrants suspension from my company position." His suspension has ignited debate, raising questions about administrative procedures and potential political motivations.
SIMDI Group Announces Week 2 Winners of Ramadan Promotion
SIMDI Group has revealed the lucky winners of the second week in its ongoing Ramadan Promotion Lucky Draw. The draw was conducted on March 24, 2024, at the SIMDI Head Office, and winners were awarded their prizes today at the SIMDI Maafannu Showroom.
This week's exciting prizes were as follows:
Gov’t to Launch Housing Loan Scheme with Capped Interest Rates
President Dr Mohamed Muizzu has unveiled plans for a new government loan scheme intended to revitalize the Maldives' housing sector. The program's objective is to assist individuals who own land but lack the necessary financial resources to initiate new home construction or finalize existing projects. The President indicated that the launch of this loan scheme is imminent.
BOC Offers Leasehold Rights to Drift Thelu Veliga Retreat
The Bank of Ceylon (BOC) has announced it will sell the leasehold rights to the Drift Thelu Veliga Retreat, a five-star resort nestled in the South Ari Atoll of the Maldives. As a result of a Civil Court judgment regarding proven debt, the bank has gained the authority to sell the resort.
The lease...
China to Build Malé City Roads for Free, President Announces
During a campaign rally for parliamentary elections, President Dr Mohamed Muizzu announced that China has agreed to construct all roads within Malé City free of charge. The President stated that providing housing and road infrastructure remains a top priority for the region.
President Muizzu indicated that negotiations with China are nearing completion. He further...
Gov’t Launches Climate Resilience Programme with USAID Support
The government, with the support of the United States Agency for International Development (USAID), has launched the Maldives Impact-Based Forecast Programme to boost the country's climate resilience and disaster response capabilities.
At the program's launch, the Minister of Climate Change, Environment, and Energy, Thoriq Ibrahim, emphasized the vital importance of climate research and action...
The Artisanal Offerings of Devi
Imbuing ancient Dhivehi teachings to the world of self-care, Devi takes pride in introducing a Maldivian-owned line of products that embody tranquillity and rejuvenation.
The wellness brand launched in 2021 with three pulse oils, later adding aromatic body oils and balms to their growing collection. Since then, Devi has continued its brand journey forward,...
Average Duration of Stay Increases in March
The Ministry of Tourism has released updated figures for the Maldives' tourism sector. With a total of 558,233 tourist arrivals so far in 2024, the nation is experiencing a 14.3% increase compared to the same period last year. This ongoing surge in visitor numbers highlights the Maldives' sustained popularity as a top-tier vacation destination.
Gov’t to Explore Chinese Trade in Rufiyaa, Aims to Reduce Dollar Reliance
Minister of Economic Development and Trade, Mohamed Saeed, disclosed that China is poised to enable payments for goods in Maldivian Rufiyaa (MVR).
Minister Saeed highlighted the state of the country’s economy upon President Dr Mohamed Muizzu’s assumption of office, detailing ongoing efforts to address economic challenges and achieve tangible results.
Addressing...
VIA Seeks Prestigious World Travel Award
Velana International Airport (VIA) has announced its nomination for the 'Indian Ocean's Leading Airport 2024' category in the World Travel Awards 2024. The airport confirmed the nomination through its official social media channels and is now encouraging public support through voting.
VIA, the Maldives' primary international gateway, has handled over a million travellers annually...