Maldives News Bulletin - Volume 133

The President, Dr Mohamed Muizzu, has instructed all relevant institutions to implement eight stringent measures to ensure road safety. On Friday evening, the President shared details of the eight measures in a social media post.

The President stated in his post that he is determined to implement the instructions given to the institutions today to control and regulate speeding and reckless driving and prevent the recurrence of tragic road accidents. Furthermore, the President stated that these instructions are essential for safeguarding residential areas from the disturbance of vehicles by modifying the vehicles and preventing the noise from becoming a public nuisance.

The eight measures instructed by the President are as follows: -

• Amend laws and regulations to penalise speeding and reckless driving and implement strict actions against such drivers nationwide to make roads safe for everyone.

• Immediately revoking the permit issued by HDC on 19 October 2023 to use a specific Hulhumalé area for drifting and racing.

• Stopping vehicles that violate the speed limit and their driver’s licence confiscated and the vehicles impounded to police custody.

• Amend laws and regulations to prohibit road vehicles with a specific cc (horsepower) and above from being used on public roads.

• Amend laws and regulations to forbid the import of such devices, thereby preventing the operation of loud noise-producing vehicles equipped with modified silencers.

• Expedite the execution of the plan that the Maldives Police Service submitted to the HDC. The Maldives Police Service (MPS) proposed the installation of speed breakers and speed detection cameras in 150 areas of Hulhumalé.

• Introduction of a graduating license system and deduction of points from traffic violators’ driving licenses.

• Expand and strengthen the MPS’ efforts to enforce traffic laws and regulations.

His post also mentioned that the measures above and their outcomes will be carefully monitored.

^{Source: The President’s Office}

Foreign Minister Moosa Zameer has sent Independence Day greetings to his Brazilian counterpart Mauro Vieira.

In a message sent to the Foreign Minister, Minister Zameer conveyed warm greetings and best wishes to the Minister, the Government, and the people of the Federative Republic of Brazil on Brazil’s Independence Day.

Minister Zameer said that he hoped the friendly relations that exist between the two countries and the strong cooperation within multilateral fora will continue to deepen in the years to come.

He concluded his message with his best wishes for the Minister’s good health and well-being, and for continued peace and prosperity for the people of Brazil.

^{Source: Ministry of Foreign Affairs}

Vice President Hussain Mohamed Latheef has emphasised the necessity of utilising modern approaches to educate and invest a sense of nationhood in children.

He made the remarks while speaking at the official function commemorating this year’s National Day at the atoll level held at Sh. Maaungoodhoo.

During his speech, the Vice President highlighted the significance of instilling pride in Maldivian identity among children. He also encouraged the public to value the beauty of speaking and writing in the Dhivehi language.

Furthermore, he called on people to take inspiration from President Dr Mohamed Muizzu’s National Day speech at Dharubaaruge and to keep advancing in that spirit.

Speaking at the event, the Vice President emphasised the Government’s commitment to prioritising “Pro Maldives” policy. He stated that the President’s national agenda aims to combat drug addiction and ensure that all efforts are made to address gang-related crimes.

The Vice President also stated that the goal is to ensure peace and stability in the country, introduce various new revenue-generating industries in the Maldives, and develop a community of self-sufficient citizens who are capable of standing on their own.

The Vice President also emphasised the significant contributions made by Bodu Thakurufaanu to the nation. The Vice President highlighted that Bodu Thakurufaanu devoted his entire life to national service, striving to affirm Maldivian identity and establishing foundations that would fortify the country’s sovereignty. He emphasised that this is the mindset and course of action that should be embraced by all on National Day.

At the function, the Vice President presented the “Maares” award to the three most active Women’s Development Committees in Shaviyani Atoll.

^{Source: The President’s Office}

The Ministry of Tourism has revealed that the Maldives’ daily visitor average has passed 5,000 arrivals. The daily updates report released by the Ministry indicates that the tourism sector has seen a 10.2 percent improvement, with 1.38 million tourists visiting the Maldives as of September 7.

The statistics show that the tourists’ arrival has continued to increase after experiencing a slight decline. The report shows that in January, there were 192,385 arrivals, increasing to 217,392 in February.

March arrivals, however, dipped to 194,227. This trend continued in April and May, with 168,366 and 119,875 arrivals respectively.

The numbers shifted upwards, with 123,284 arrivals in June, 167,528 in July and 176,151 in August and 27,322 as of September 7. Chinese tourists accounted for the largest portion of arrivals so far this year, with 202,613 visitors.

Top sources of tourists included Russia with 149,920 visitors, the United Kingdom with 119,189 arrivals, Italy with 102,412 visitors, and Germany with 97,804 arrivals. The Government is targeting to bring in two million tourists by the end of the year.

^{Source: PSM}

The Maldives Industrial Fisheries Company Limited (MIFCO) has recorded a 12.5 percent increase in fish processing last week. The latest statistics released from MIFCO show that the company processed 467 tonnes of fish last week, compared to 415 tonnes the previous week. After a period of decline in the fisheries sector of the country, MIFCO has seen a rebound in its processing numbers.

The statistics also show that 467 tonnes of fish were received from 192 fishing vessels last week, a significant increase from the 119 vessels in the previous week. The number of vessels supplying fish to MIFCO has also increased by 73 vessels. Notably, September 3 saw the highest volume of processing over the past two weeks, with 44 vessels contributing 135 tonnes of fish.

MIFCO has introduced a credit system to encourage more fishing activity, offering up to 10 tonnes of ice to fishing vessels, with payments to be deducted from future sales. MIFCO has made significant progress in processing pending payments to fishermen as well.

As such, as of September 3, USD 71 million has been disbursed, with the target set at two weeks for disbursement.

The company has also streamlined the fish processing process for fishermen, utilising both its fishing vessels and collection centres for efficient processing.

^{Source: PSM}

The Government is to launch a strong transportation system connecting the newly reclaimed areas near Male’ City. The initiative is being carried out in collaboration with the Ministry of Transport and Civil Aviation and the Maldives Transport and Contracting Company (MTCC).

The reclamation and development of several lagoons in the Greater Male’ Region form a key component of the government’s larger development master plan, with the Rasmale’ project being a flagship initiative announced by President Dr. Mohamed Muizzu.

As such, several of these projects are already underway across the region, with early attention being given to the establishment of essential services. Speaking to PSM News, Managing 

Director of MTCC Ahmed Saudhy confirmed that efforts to establish a strong transport network linking these areas have begun.

He noted that MTCC is collaborating with the Ministry of Transport to develop transportation models for the region. He also emphasied that President Muizzu’s vision is to connect Rasmale’, Giraavarufalhu, and Gulhifalhu through an integrated transport system. 

Additionally, Saudhy noted that the recent adjustment in the start time of bus services in the Greater Male’ Region, now beginning at 0500hrs instead of 0600hrs. MTCC is continuing to collect data to better understand peak hours and user demand as part of its efforts to optimise the transport network.

^{Source: PSM}

The Maldives Customs Service has said that import and export revenues reached USD 24 million in July this year. The latest statistics from Customs show that the July revenue marks a 0.8 percent increase compared to USD 23 million during the same period last year.

The data also indicates that goods valued at USD 300 million were imported in July, a slight decrease from USD 306 million in July of the previous year.

The statistics show that the top importing countries in July were the United Arab Emirates (UAE), India, China, Singapore, and Sri Lanka 

Imports from the UAE amounted to USD 64 million, India USD 50 million, China USD 44 million, Singapore USD 23 million, and Sri Lanka USD 16 million. The primary imports included machinery, electrical equipment, oil

products, and food items. The statistics also reveal a decline in exports for July, with goods worth USD 4.2 million exported. The main export destinations were the United Kingdom (UK), Thailand, UAE, Bangladesh, and France.

^{Source: PSM}

Maldives Monetary Authority (MMA) has reported that USD 72 million were remitted abroad last year. According to the MMA Payment Bulletin Report, this figure represents a 40 percent increase from 2022.

The report highlights that 96 percent of remittance transactions in 2023 resulted in currency being ejected out of the country. Of these transactions, 84 percent were carried out by foreigners, totaling USD 59 million. 

In contrast, Maldivians sent USD 11 million abroad, accounting for 16 percent of the total remittance. Notably, most remittances sent by Maldivians were directed to India, representing 14 percent of the total.

Among the remittance transactions conducted by foreigners, immigrants from Bangladesh were the largest contributors, accounting for 54.2 percent of the total. Following Bangladesh, the primary sources of remittance included immigrants from Nepal, contributing to 10.6 percent, Egypt, contributing to 7.9 percent, Philippines, contributing to 7.1 percent and India, contributing to 4 percent to the overall amount.

MMA has issued licences to three companies in the Maldives, giving them the authority to offer remittance services in the Maldives.

^{Source: PSM}

Maldives and Stockholm Environment Institute US (SEI-US) have reached an agreement, aiming to conduct a “Training on Energy Modelling using Low Emissions Analysis Platform (LEAP)”. The contract was signed by Permanent Secretary of the Ministry of Climate

Change, Environment, and Energy Ajwad Musthafa and the Director of Finance and Operations of the SEI-US Bonnie Cockman.

Under the agreement, the training will be held in the Maldives, providing hands-on experience with the LEAP-IBC modelling software to an expected 25 participants.The primary objective of the initiative is to enhance the Maldives’ capacity to track greenhouse gas (GHG) emissions and mitigation efforts, enabling the country to meet its reporting obligations under the Enhanced Transparency Framework (ETF) of the Paris Agreement.

The training is also part of the broader “Capacity Strengthening for Improved Transparency of Climate Change Mitigation and Adaptation Actions in the Maldives (CBIT Maldives)” project, which is funded by the Global Environment Facility (GEF) and supported by UN Environment.

The CBIT Maldives project seeks to strengthen long-term institutional arrangements, systemise data collection and processing, and develop indicators and methodologies, all aligning with the Maldives’ transparency efforts with the ETF.

Additionally, the project aims to improve overall data quality and management procedures for GHG inventories, mitigation and adaptation actions tracking, and climate finance, ensuring regular and transparent reporting to the United Nations Framework Convention on Climate Change (UNFCCC) process. These efforts will inform national decision-making processes and contribute to the effective management of climate change challenges.

^{Source: PSM}

The Maldives Monetary Authority (MMA) has announced an increase in the nation’s usable reserves, which now stand at USD 61 million. This growth reflects the government’s ongoing efforts to improve the state’s financial standing. According to MMA statistics, the official reserves saw a 36 percent increase in August compared to July.

The reserves, which were USD 45 million in July, rose to USD 61.22 million by the end of August. MMA also highlighted continuous growth in government reserves over the past seven months. At the end of July, total reserves amounted to USD 395 million, increasing to USD 444 million by August. One significant step taken by the government to stabilize the financial situation has been the management of the Sovereign Development Fund (SDF).

Previously reduced to USD 5 million due to custodian marking, the SDF now stands at USD 65 million and is maintained separately. Usable reserves were reported at USD 105 million at the end of the first seven months of the year, with MMA projecting that the total usable and SDF reserves will exceed USD 606 million by year-end.

To further bolster the country’s financial position, MMA is collaborating with the government on issuing a refinance green bond. Additionally, the central bank completed the technical groundwork for a USD 400 million foreign currency swap arrangement with the Reserve Bank of India under the SAARC framework, with the agreement awaiting final signatures. 

MMA expressed confidence that the government’s medium-term fiscal and debt strategy, including spending cuts and revenue growth initiatives, will bring about positive financial improvements, with a notable recovery anticipated by November 2024.

^{Source: Maldives Monetary Authority (MMA)}