Total public and publicly guaranteed debt stands at MVR98 billion (US$6.3 billion) or 113% of GDP, according to debt statistics released by the finance ministry.
Of US$2.4 billion debt taken on by the current administration in the past four years, US$1.2 billion were loans from the Indian EXIM bank.
The fifth edition of the ‘Food and Beverage Show’ opened at Hulhumalé’s Central Park with 30 stalls offering samples, games and promotions.
Private and government-owned businesses showcased their products at the three-day event. New canned tuna products were launched with MIFCO’s ‘Drained Tuna Chunks’ and Enzi’s ‘Bolumas’ skipjack tuna head meat in sunflower oil.
The International Islamic Trade Finance Corporation renewed a US$175 million agreement with the State Trading Organisation to support the import of essential commodities. including petrol, staple food, medicine and medical equipment.
The Bank of Maldives launched an online fundraising platform for NGOs to create campaigns and accept donations. The first of its kind in the country, ‘Kindly by BML’ allows NGOs to “create multiple campaigns, keep track of donations through easy to generate reports and promote campaigns across social media platforms.” NGOs registered locally with a minimum of two years in operation are eligible to register.
The Maldives Industrial Fisheries Company hiked the price of canned tuna, citing the higher cost of oil, packing material, tin free steel, and diesel amid rising global commodity prices.
The price of diesel is up 50% and the sunflower oil used in canned tuna is twice as expensive. Import freight costs are also higher, MIFCO noted.
The price of a case of canned tuna has risen by MVR150 (US$10).
The price hike was first announced in March but was deferred until the end of Ramadan. At the time, MIFCO also increased its fish purchasing price from MVR16 per kilo to MVR17 per kilo.
The State Trading Organisation’s shareholders approved a dividend of MVR65 (US$4.2) per share at the company’s Annual General Meeting.
In his remarks, CEO Hussain Amru highlighted STO’s green initiatives, including banning plastic bags from its retail outlets, introducing a more eco-friendly cement, building a fuel lab to ensure standards and reduce sulphur levels from 2.5% to 0.5%.
STO posted an after tax profit of MVR186 million (US$12 million) for 2021, up 47% from the previous year. Income from oil accounted for MVR6 billion out of a total revenue of MVR11 billion.
Amru told shareholders that STO plans to build oil storage facilities in the northernmost atoll and start international bunkering services. More than 300 cargo ships travel daily through sea lanes in the country’s north, he observed.
STO will resubmit applications to open a digital bank after the Maldives Monetary Authority declined a license in February. It will be done with changes recommended by the central bank, Amru said.
The state-owned behemoth is the country’s main supplier of staples, medicine, fuel and construction materials.
The finance ministry barred three companies from public procurement for submitting forged documents during the bidding process. Esbro Maldives, Astonish Cleaning Company and K.S.A Maldives cannot participate in tenders for government projects until the end of the debarment period in November.
18 resorts have been sent notice to pay outstanding rent, Tourism Minister Dr Abdulla Mausoom told parliament. The government was in talks with the resort operators in lieu of canceling licenses, he said, citing the economic impact and loss of jobs if a resort was closed.
The health ministry contracted Telecommunications Consultants of India to design and build atoll hospitals in Haa Alif, Dhaalu and Gaaf Alif Atolls as well as a hospital on the island of Alifushi in Raa Atoll for a total of US$57 million.
An MVR84 million (US$5.4 million) project to design and build 100 housing units in Laamu Gan in one year was awarded to SJ Construction.
A record dividend payout of MVR258 million (US$16.7 million) with MVR48 per share was approved at the Bank of Maldives’ Annual General Meeting. As the biggest shareholder, the government stands to earn MVR131 million as dividend on top of MVR543 million paid as taxes for 2021. The bank is in the “strongest position it has ever been in,” CEO Tim Sawyer told shareholders.
Forty students graduated from the Four Seasons Resorts Hospitality Apprenticeship programme. A total of 737 young Maldivians have completed the programme since it was launched in 2001. The class of 2022 gained skills in service areas including engineering, retail, recreation, housekeeping, front office, water sports, diving, maritime transport, and food and beverage.
