The Maldives Transport and Contracting Company signed a service agreement with the national planning and infrastructure ministry to implement phases two and three of the ‘Integrated National Public Ferry Network,’ which aims to set up a nationwide service with atolls grouped into six zones. Route and schedule test trips with purpose-built speedboats were made in Haa Dhaal Atoll in February. The next phases involve building 65 speedboats and 149 terminals and stops,
The Housing Development Corporation invited expressions of interest for land reclamation to double the size of Thilafushi island. The new 150 hectares will reportedly include zones for small businesses and industrial work.
A project is underway to connect the capital Malé with Thilafushi via an overwater bridge.
Customs collected MVR319 million (US$20 million) as revenue in March, up 21% from the same period last year as both imports and exports increased during the month.
The World Bank revised the Maldives’ projected GDP growth downwards from 8.4% to 7.6% in expectation of higher fuel subsidies and the decline of Russian and Ukrainian holidaymakers, who together accounted for a fifth of tourist arrivals in 2021. The impact of the war “will depend on the period of interruption and whether tourists from other countries can compensate for the loss,” the World Bank observed in its annual development update, predicting that the economy will fully recover to pre-pandemic levels in 2023 with the expansion of the main airport, the return of Chinese tourists, and “continued strong capital expenditures and election-related spending.”
Despite strong economic recovery driven by a rebound in tourism, the bank warned that “debt refinancing risks are looming in the medium term” with US$500 million bullet payments due in 2026. The International Monetary Fund also warned last year that the Maldives “remains at a high risk of external debt distress and a high overall risk of debt distress.”
A winner of the ‘Pitch-up: Youth Entrepreneurship Challenge,’ – a World Bank-backed joint initiative of the higher education and economic development ministries – complained that promised funding has yet to be disbursed. An award ceremony was held on 10 January with 23 winning businesses that were pledged MVR12.4 million (US$804,150) worth of grants.
After soaring due to shortages, the price of limes reportedly fell to MVR70 (US$4.5) per kilo. The price ranged between MVR100 and MVR150 in the first week of the fasting month, during which food prices usually increase due to higher demand. The price of imported limes is normally about MVR30 or MVR40 per kilo.
The Fuvahmulah City Council reduced a US$500 docking fee for safari vessels after the boating association objected. The council decided to charge US$150 from vessels smaller than 100 feet and US$200 from larger boats.
The council decided to raise fees in January in a bid to alleviate space constraints at the island’s harbour.
The tax authority collected MVR2.18 billion (US$141 million) in March, up 64% from the same period last year with higher receipts from tourism-related taxes.
