Maldives News Bulletin - Volume 137

Vice President Hussain Mohamed Latheef has graced the closing ceremony of the ‘CAVA Women’s Volleyball Challenge Cup 2024’. The final match of the tournament took place at the Maldives Centre for Social Education (MCSE) between the Maldives and Kyrgyzstan. Kyrgyzstan emerged victorious, winning the match in three sets to clinch the title.

Vice President Hussain Mohamed Latheef and Speaker of Parliament, Abdul Raheem Abdulla, presented the gold medals to the winning team at the closing ceremony of the Cava Women’s Volleyball Challenge 2024. The Vice President handed over the trophy to the winning team.

This is the second time the national volleyball team has reached the final of the Women’s Volleyball Tournament. The tournament, which took place from September 6–11, had participants from the Maldives, Afghanistan, Kyrgyzstan, and Tajikistan.

^{SOURCE : The President’s Office}

Discussions have been held to develop sports fishing harbors in five regions of the Maldives. The discussions were held between the Minister of Fisheries and Ocean Resources Ahmed Shiyam and the Minister of Tourism Ibrahim Faisal.

During the meeting, Minister Shiyam shared information on the five areas proposed for the development of sports fishing harbours. He also gave assurance that the Ministry of Fisheries and Ocean Resources will provide the Tourism Ministry with expert assistance.

Meanwhile, Minister Faisal noted that the Ministry of Tourism will give its full cooperation to expedite the project. The development of sports fishing is part of the President Dr. Mohamed Muizzu’s initiatives to promote the fisheries sector. It is also included in the government manifesto.

The project aimed at aimed at facilitating sports fishing, which is becoming popular among the youth will be implemented under the policy formulated by President Dr. Muizzu. The President attaches great importance to developing mariculture as an industry and boosting domestic production. Development of sports fishing harbours will further develop the fisheries and tourism sectors of the country.

^{Source: PSM}

Maldives has urged the international community to work together to prevent planned crimes at the Global Public Security Forum in Jiangsu Province, China.

Speaking at the forum, Minister of Homeland Security and Technology Ali Ihusan stated that it is important for the international community to work collaboratively to prevent planned crimes at the international level.

Minister Ihusan also noted the danger criminals will hold in a divided world. He urged the countries to work together to prevent cybercrime, terrorism and planned crimes committed by major criminal networks.

He added that it is compulsory for the nations, organisations and even the private sector to put aside differences and work together towards achieving a common goal, thus ensuring a safe and secure world for future generations. On the sideline of the Global Public Security Forum Minister Ihusan met with the Minister for Public Security of China Wang Xiaohong.

^{Source: PSM}

Ministry of Climate Change, Environment and Energy has stated the government will be upgrading the weather observation network of the Maldives to global standards. The Ministry signed an agreement with the United Nations Environment for financial assistance for the project under the Systematic Observation Financing Facility (SOFF). The agreement was signed by the Minister of Climate Change, Environment and Energy Thoriq Ibrahim. The ministry noted that project will include the upgradation of observation systems in four branches of the Maldives Meteorological Centre (Met Office) located in Hulhule, Hanimaadhoo, Kahdhoo, and Addu City. The project will also include the development of an additional branch of the Met Office in Maafaru and repair works of the Upper Air (Radiosonde) in the Met Office established in Addu City.

The ministry stated that the United Nations Environment will provide equipment and training programs for the staff to maintain the systems for the next four years.

Established in 1974, the MET Office recently celebrated its 50th anniversary on August 1. Originally capable of providing weather forecasts for only four hours, the agency now offers 24-hour forecasts and has expanded its operations to include branches in five regions of the country. 

^{Source: PSM}

Fahi Dhiriulhun Corporation Limited (FDC) has announced the completion of the structural works of all 16 towers of “Amaan Udhares”. These towers are amongst the towers being developed by FDC in Hulhumale’ Phase II. The development of the towers was contracted to Kalpataru Projects International Limited (KPIL).

Providing latest updates of the development, Managing Director of FDC Hassan Maanih Umar stated that the finishing touches still remain. He expressed optimism regarding the timely completion of the towers and the handover of units to their respective owners according to the schedule.

Furthermore, Manager Project Engineering of FDC Mohamed Haikal Ibrahim attributed the expedited completion of the structural works of the 16 towers, to the Aluminium Frameworks Construction Method utilised in the development. Meanwhile, Project Director of KPIL Thangaraj Karthikeyan assured the strong quality of the towers as well.

FDC is overseeing the construction of a total of 32 towers, comprising 4,000 housing units in Hulhumale’, under the Gedhoruveriyaa Scheme.

The development of these towers was contracted in 2021 to two Indian companies: KPIL and National Buildings Construction Corporation Limited (NBCC). KPIL is responsible for developing 16 towers, named “Amaan Udhares,” while NBCC is developing the remaining 16 towers, named “Amaan Dhoadhi.” FDC expects all housing units to be completed by the first and second quarters of 2025.

^{Source: PSM}

A stakeholder consultation workshop was held to review the draft regulation on institutionalizing the data collection process for Greenhouse Gas (GHG) inventories. This workshop was organized as part of the consultancy to strengthen institutional arrangements for climate change reporting under the “Capacity Building for Improved Transparency of Climate Change Mitigation and Adaptation Actions in the Maldives” (CBIT Maldives) project.

The workshop was attended by representatives from various organizations, including the Energy Department of the Ministry, Utility Regulatory Authority, Ministry of Transport and Civil Aviation, Maldives Bureau of Statistics (MBS), Maldives Customs Services, STELCO, MTCC, MIFCO, Maldives Gas, and Manta Air. The team responsible for developing the Maldives’ first Biennial Transparency Report (BTR) also participated in the workshop.

The workshop began with opening remarks from Mr. Ahmed Waheed, Director of the Climate Change Department. Institutional Arrangement Expert Mr. Hamdhoon Mohamed followed with a presentation on the importance of GHG inventories and the Monitoring, Reporting, and Verification (MRV) of mitigation actions. National Legal Expert Mr. Mohamed Aseel Hassan presented the draft regulation, which aims to formalize data collection for GHG inventories to meet the reporting requirements of the United Nations Framework Convention on Climate Change (UNFCCC).

By aligning the Maldives’ transparency efforts with the Enhanced Transparency Framework (ETF) of the Paris Agreement, the CBIT Maldives project seeks to strengthen long-term institutional arrangements, systematize data collection and processing, and develop indicators and methodologies. 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 UNFCCC process. These efforts will inform national decision-making processes and contribute to the effective management of climate change challenges.

The CBIT Maldives project is funded by the Global Environment Facility (GEF) and executed by the Ministry of Climate Change, Environment, and Energy, with implementation support from the United Nations Environment Programme (UN Environment).

^{SOURCE : Ministry of Climate Change, Environment and Energy}

A delegation from the Government of the Maldives has visited the Waste Management Siam Facility in Thailand to explore advanced practices in sustainable waste management.

During the visit, the Maldivian delegation closely examined the operations of the facility and learned about the innovative technologies and methods employed in recycling electronic waste. They also gained insights into the progress of Thailand in this sector.

The Ministry of Climate Change, Environment and Energy noted that the knowledge acquired from this visit will be instrumental in enhancing the waste management system in the Maldives.

The ministry aims to leverage this experience to tackle challenges related to electronic waste disposal. It also said that the visit is seen as a significant step in strengthening bilateral relations and facilitating the exchange of expertise in environmental protection between the two countries.

^{Source: PSM}

The Maldives Monetary Authority (MMA) has reaffirmed the capability of the government to service the upcoming external bond repayment in October 2024 and extended complete assurance that the obligation will be met in full by the due date. In a statement made public by the authority, it stated that their remains no doubt that the MMA and the Government of the Maldives, together with all related government institutions, will be able to meet all future external debt obligations.

MMA’s statement came following the credit rating action of the Maldives by Moody’s Ratings. The statement read that the authority projects GDP growth to reach 4.9% in 2024, and expand to 6.5% in 2025. It also stated that the growth estimates are expected to be supported by the robust performance of the tourism sector, underpinned by the strong growth in tourist arrivals with the opening of the new arrival terminal at the Velana International Airport. Accordingly, MMA noted that by the end of August 2024 total tourist arrivals to the country have exceeded 1.3 million, observing a 10% increase relative to the corresponding period of 2023. Further, it was also noted that the average duration of tourist stay has risen by 7% in July 2024 when compared with July 2023..

MMA also reported that at the end of August 2024, both the gross international reserves and usable reserves have improved relative to the previous month.

Accordingly, gross international reserves have increased from USD395 million at the end of July 2024, to USD444 million at the end of August 2024, while net reserves have improved to USD61 million by the end of the month. Further, with the inclusion of the usable reserves and SDF balance, the gross international reserves are expected to surpass the USD606 million projected for the Government Budget 2024.

With the aim of minimising the challenges to maintaining exchange rate stability, MMA states that work is currently underway to reduce the surplus liquidity in the banking system by utilising monetary instruments. MMA notes that it will commence Open Market Operations this year to mop-up the surplus liquidity.

The statement also read that to overcome the challenges to the foreign exchange market, revisions to the Monetary Regulation will be announced during this month, which is expected to boost the amount of foreign currency entering the domestic banking system.

^{Source: PSM}

Maldives Industrial Fisheries Company Limited (MIFCO) has announced that the relocation of its fish processing operations from Kandu’oiy Giri Island to Felivaru Island will be completed by October. The relocation follows a cabinet decision to hand over Kandu’oiy Giri to the Maldives National Defence Force (MNDF).

MIFCO disclosed that the relocation of its Kandu’oiy Giri facility to Felivaru will be completed within the next five days. The company also added that the facility will be operational by October. Noting that work is ongoing to relocate its facilities to Felivaru, MIFCO noted that more time may be needed as it is loading heavy equipment. MIFCO also revealed that discussions are underway with MNDF to seek an extension to the due date given to vacate the premises by September 15.

Kandu’oiy Giri was the hub of MIFCO’s lifestyle products, such as pre-made food made available by the company. The island was also used for weighing yellowfin and skipjack tuna brought in by local fishermen, as well as for supplying ice to fishing vessels.

Following the decision to relocate the facility, the Cabinet of Ministers made the decision that the Housing Development Corporation (HDC) should allocate suitable land in Hulhumale’ for MIFCO to continue its operations previously carried out on Kandu’oiy Giri. MIFCO notes that discussions with HDC regarding land acquisition are ongoing.

MIFCO states that the company aims to take advantage of the investment opportunities available and restore the services on a large scale by acquiring suitable land in Hulhumale’ as soon as possible. It notes that a land is important to make use of the planned investment of USD eight million under the Saudi fund and the Islamic Development Bank (ISDB) fund.

^{Source: PSM}