A digest of news and opinion from the Maldives.
Speaker of the People’s Majilis, Former President Mohamed Nasheed has requested China’s President Xi Jinping for a deferment or a reduction of the loan repayment figure of Maldives. At a speech given on the two years of President Ibrahim Mohamed Solih’s administration, Nasheed revealed that he is disheartened to hear that a booming nation such as […]
International financial research and credit rating agency, Moody’s Investors Service (Moody’s) has said that the 2021 budget proposed by the Maldivian government underscored the significant fiscal deterioration of the country amid the collapse of the tourism industry. According to a publication released on Friday, Moody’s stated that the proposed budget for 2021 highlighted the government’s […]
Dharumavantha Hospital, Maldives’ tallest standing building, is set to be mortgaged for a bond of USD 300 million. In a now publicized letter to the President’s Office, Minister of Finance Ibrahim Ameer stated that efforts to mortgage a bond of USD 300 million are underway, with the Islamic Corporation for the Development of Private Sector […]
Minister of Finance, Ibrahim Ameer has stated that the only way the country can recover from the pandemic-induced recession was through increased government spending, for which funds need to be acquired as debt. In today’s Parliamentary sitting, Minister Ameer said that the main focus of the 2021 state budget was to overcome the economic disruptions […]
Ministry of Finance reveals that the Government has utilized MVR 829.7 million for loan repayments. Statistics of the Ministry show that the Government earned almost MVR 11.8 billion till mid-October. It further indicates MVR 21.9 of the earnings were utilized. In 2019, the Government resourced MVR 1 billion within the same period for loan repayments. […]
Governor of Maldives Monetary Authority, Ali Hashim has warned that borrowing foreign funds to finance development projects could negatively impact the exchange rate. Speaking at a Parliamentary Committee hearing for the 2021 state budget, the Governor cautioned against initiating development projects without guaranteeing a funding source to acquire the necessary foreign currency. He expressed his […]
Maldives’ first female Chief of Protocol of the Foreign Ministry, Ms Aishath Shaan Shakir has been appointed yesterday. Prior to her appointment, she served with distinction as the High Commissioner to Bangladesh. During her long career, she had served as the Joint Secretary of the Foreign Ministry, Deputy High Commissioner to Malaysia, and Deputy High […]
The Human Rights Commission (HRCM) has stated yesterday that the body will not have sufficient funding to perform its obligatory duties, as per the 2021 state budget. In a Budget Committee hearing which took place yesterday, HRCM Commissioner Moomina Waheed stated that while the commission asked for an MVR 30 million budget, only MVR 24 […]
On Monday, the Ministry of Finance submitted a state budget of MVR 34.7 billion for 2021 to the Parliament. It outlined an ambitious plan to increase national income by MVR 1.6 billion in 2021, by introducing six new measures. Summary of proposed activities and projected revenue: Licensing a new telecom operator and frequency spectrum charges: […]