A digest of news and opinion from the Maldives.
The International Islamic Trade Finance Corporation (ITFC), provides US$15 million in favour of State Trading Organization (STO), Maldives to facilitate their procurement of staple food, medicine & medical equipment during COVID-19 pandemic crisis. In addition to the financing of US$15 million, ITFC is also extending a grant for supporting their sourcing of emergency medical equipment […]
Ministry of Economic Development (MED) has simplified the process of registering a foreign investment company in the tourism sector. Previously, if a foreign investor sought to register a company in the Maldives in order to own or operate a tourism property (whether an island, land or lagoon), the investor was required to show evidence of […]
Businesses who have been rejected to COVID-19 relief loan from Bank of Maldives (BML) and SME Development and Finance Corporation (SDFC) have to request to revise the decision via mail, according to Ministry of Finance. Minister of Finance Ibrahim Ameer has stated that applicants for the relief loan include those who have laid off their […]
By Abdul Haleem About the author: Abdul Haleem is the former CFO at National pension fund. He has extensive experience in accounting systems, controls, investments and financial reporting. He is a chartered management accountant with membership with CIMA (UK). He held the position of Head of Department of Accounting and Finance at Faculty of Management […]
Supermarkets and stores have been responding to an unprecedented demand triggered by the global COVID-19 crisis. Maldives supermarkets and stores, previously dependant on in-store customers for the majority of their sales, are scrambling to get their stores online and put together an effective delivery team from scratch as authorities warn that the ‘new normal’ could […]
Here are the latest news updates for 18th May MET Office Issues Yellow Alert for Southern Maldives A Yellow alert has been issued for islands from Ga atoll to Addu City by Maldives Meteorological Service (MET). Average to strong winds of 25-30 miles per hour with gusts of up to 50 miles per hour over […]
Ooredoo Group and Ooredoo Maldives have contributed MVR 2,500,000.00 to the Government of Maldives to acquire ventilators, personal protective equipment, and testing supplies to combat the spread of coronavirus across the nation. Managing Director and Chief Executive Officer of Ooredoo Maldives, Mr Najib Khan, announced the donation made to the government via audio with President […]
The loan is given to small and medium enterprises (SME) to financially assist them amidst the COVID-19 pandemic has been extended from MVR 18,000 to MVR 30,000, according to Finance Minister Ibrahim Ameer. In a press conference, Minister Ameer stated that even though the government initially allocated MVR 18,000 for SME’s loan in the relief […]
In the first quarter of 2020, State Trading Organisation (STO) earned MVR 2.4 billion as revenue, according to the 1st quarter reports of state-owned company STO. In the 1st quarter of 2020, STO has earned MVR 2.4 billion as revenue and MVR 160 as operating profit. STO has made a net profit of MVR 114 […]