A digest of news and opinion from the Maldives.
The Maldives’ foreign currency reserve declined during the third quarter of 2017 due to loan repayments and expenditure related to the development of a new hospital in Malé. Usable reserves amounted to US$191 million during the quarter, enough for about a month of imports, according to a quarterly economic bulletin released by the Maldives Monetary […]
The fourth annual Maldives Investment Forum was inaugurated Monday morning by Vice President Abdulla Jihad and UAE Economic Minister Sultan bin Saeed Al-Mansoori. “The Maldives is open for business,” Jihad announced in his remarks at the opening ceremony. “Your investments will be secure and the return on investment is great and relatively high. The government of […]
The Bank of Maldives will host a regional banking conference late next year with 80 leading institutions from 25 Asian countries due to take part. The Asian Bankers Association announced that its 35th annual gathering will be held in Kurumba Maldives in November 2018. “I am delighted that Maldives, with Bank of Maldives as host […]
The High Court has upheld an Employment Tribunal order for the reinstatement of 22 employees sacked from the Conrad Maldives Rangali Resort in June 2011. The posts of the dismissed workers were made redundant “due to the partial closure of its guest rooms for renovation and lower occupancies,” Conrad Rangali had insisted at the time, […]
President Abdulla Yameen is to make his first state visit to China, days after rushing through a massive trade deal with the world’s second biggest economy. A brief notice issued Monday said the trip, which takes place from December 6 until December 9, was at the invitation of President Xi Jinping. “High-level discussions with top […]
India will “do nothing but upset itself” if it tries to prevent closer trade ties between China and the Maldives, Beijing state media has said, days after the tiny island nation approved a deal with the world’s second biggest economy. The Free Trade Agreement has reportedly stunned New Delhi into silence, but the Global Times […]
The Maldives has been downgraded to a “fragile state” by the IMF because of the tense political situation, the way business is regulated and how the country’s finances and budgets have been run in recent years. The new classification is the latest blow to the Maldivian economy from the institution, which has repeatedly spoken of […]
A landmark free trade deal between the Maldives and China was rushed through parliament Wednesday, hours after President Abdulla Yameen sought approval for ratification. The free trade agreement – which commits both nations to reduce tariffs on most imported goods to zero – was passed with 30 votes from ruling party lawmakers in the 85-member […]
Two Sri Lankan fishing boats were seized by the Maldives Coast Guard Tuesday evening as they were patrolling near one of the country’s most lucrative fishing zones. The vessels were spotted near Vaavu Atoll. “The boats are under our control now and we are trying to bring them to Malé. Each boat had five crew […]