A digest of news and opinion from the Maldives.
National Planning and Infrastructure Minister Mohamed Aslam recently suggested selling citizenship to foreigners, as there are many wealthy foreigners interested in becoming permanent residents of Maldives. He elaborated, saying that his idea of selling citizenship was aimed towards bringing in wealthy foreign investors to the country, prompting several other political figures to weigh in with […]
A video posted on social media from a well-known singer and artist recently brought to light a very important issue faced by many in the Maldives – the lack of support towards freelancers. The video, which quickly went viral, was prompted by the Economic Minister saying that it is important to define the term “freelancers” […]
One might wonder – in fact, individuals and businesses alike – why there are high rates of interest and significant difference between deposit rates and lending rate compared to other countries. The article intends to seek the challenges for individuals, businesses, the governing body and the banks itself. The goal is not intended to point […]
On 4th February, Maldives reported a case of ISIS-affiliated stabbing of 3 tourists in Hulhumale’. Following an investigation, Police arrested a total of eight suspects. However, no charges were filed against three of the suspects due to insufficient evidence. According to the Home Minister, Maldives Police Service did a thorough investigation and provided sufficient evidence, […]
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 […]
Government of Maldives has declared lockdown since 15th March 2020 due to spread of COVID-19 in the community. IMF now projects that the global economy will contract by 3% in 2020, a bigger downturn than in the 2008–2009 financial crisis. As authorities take measures to curb the virus, the government and experts in different industries […]
The global oil prices have fallen significantly due to the halt in economic activities as COVID-19 spreads across the world. The demand for oil in the global market has fallen with excessive production of oil in March has led to oil prices falling to record levels. Will this lead to a fall in electrical charges […]
The government of Maldives has announced to release a stimulus package of MVR 2.5 billion for the sustainability of the economy amidst the global recession followed by the COVID-19 pandemic. The stimulus package includes MVR 1.55 billion ($100 million) in emergency loans for businesses to meet short-term working capital needs. As the funds are limited, […]