The Maldives won the title of ‘World’s Leading Destination’ for the third consecutive year at the annual World Travel Awards, beating 18 tourist hotspots that included Dubai, Portugal, Indonesia, and Greece.
The government-owned Maldives Marketing and Public Relations Corporation won ‘World’s Leading Tourist Board 2022’ for the first time.
MMPRC CEO Thoyyib Mohamed and Tourism Minister Dr Abdulla Mausoom accepted the award at a ceremony held at the Al Bustan Palace, a Ritz-Carlton Hotel, in Oman.
The central bank warned that the government’s plans to hike sales taxes would contribute 2.2% to inflation next year – which was estimated to reach 5.4% – and questioned whether it would serve the purpose of reining in the deficit as planned spending was unsustainably high.
In its professional opinion on the proposed budget for 2023 shared with parliament’s budget committee, the Maldives Monetary Authority (MMA) advised against raising the tourism sector goods and services tax (T-GST) as the main avenue to manage expenditure. Citing pressure on foreign currency reserves due to elevated global oil prices, the MMA advised delaying infrastructure projects if funding has not been secured and recommended cutting costs as financing deficit spending would prove difficult. As grant aid from foreign sources was far less than anticipated in the previous six years, the central bank also cast doubt on the MVR2.5 billion forecast as aid in the 2023 budget.
“If government finances are adjusted by overdrawing the domestic market and the public bank account, the liquidity of excess Rufiyaa circulating in the economy is likely to increase, which will in turn increase demand for foreign exchange and adversely impact the exchange rate,” the MMA was quoted as saying.
The Maldives Inland Revenue Authority signed a ‘Tax for Sustainable Development Goals (SDGs) Country Engagement Plan’ with the UNDP and the finance ministry.
The programme includes “establishing a data governance framework to achieve tax digitalization goals and developing the enterprise risk management framework and business continuity plan.”
In line with the government’s policy to phase out single-use plastics, the Malé Water and Sewerage Company launched “the first premium water produced in the Maldives.”
The sustainably packaged ‘Aro Water’ glass bottles brand was “conceptualised in the theme of ‘Maldives in a Bottle,'” according to the company.
Featuring designs by local artists depicting the country’s natural beauty, the new brand targets the tourism market.
