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A digest of news and opinion from the Maldives.

Politics

A Hasty Decision in Desperation? Maldives to Issue Corporate Resident Visas to Investors of Just $250,000

A Hasty Decision in Desperation? Maldives to Issue Corporate Resident Visas to Investors of Just $250,000

By Maldives Times 2 min read

On Sunday, the Parliament passed amendments to the Immigration Act to allow foreign investors to acquire resident visas. The report, prepared by the Parliamentary Committee on National Security and Foreign Relations, was approved with a majority vote of 52 members. No MPs voted against the report while three MPs abstained from voting. As per the […]

From ‘B+’ to ‘CCC’ in Less Than a Year – Why a Low Fitch Rating Could Devastate Our Economy

From ‘B+’ to ‘CCC’ in Less Than a Year – Why a Low Fitch Rating Could Devastate Our Economy

By Maldives Times 3 min read

Recently, Maldives’ long-term foreign-currency Issuer Default Rating (IDR) was downgraded by Fitch Ratings from ‘B’ to ‘CCC’. This downgrade comes after a previous downgrade in March, from an IDR of ‘B+’ to ‘B’. The downgrade caused disagreement from the Ministry of Finance, and also sparked a heated debate between Members of Parliament on Twitter. Fitch […]

Drop in Maldives’ Fitch Rating Sparks Heated Debate by MPs on Twitter!

Drop in Maldives’ Fitch Rating Sparks Heated Debate by MPs on Twitter!

By Maldives Times 2 min read

In a tweet yesterday, Member of Parliament for Maradhoo Constituency of Addu City, Ibrahim Shareef claimed that the Fitch rating of Maldives dropped due to a recent decree passed by the Parliament. On 5th November, Fitch Ratings Inc., an American credit rating agency, downgraded Maldives’ long-term foreign-currency Issuer Default Rating (IDR) from ‘B’ to ‘CCC’. […]

President Solih Approves Single-Use Plastic Phasing Out Plan

President Solih Approves Single-Use Plastic Phasing Out Plan

By Maldives Times 1 min read

The President of Maldives, Ibrahim Mohamed Solih, has now approved a plan proposed by the Ministry of Environment and Energy to phase out single-use plastic in the Maldives by 2023. Prior to its approval by the President yesterday, the plan was also endorsed by the cabinet. No details of the plan have been revealed yet. […]