Maldives News Bulletin - Volume 144

President delivers General Debate Statement at UNGA 79: We need Nations United in harmony not a United Nations in misery

 President His Excellency Dr Mohamed Muizzu delivered his address during the General Debate at the 79th United Nations General Assembly (UNGA), urging global unity to solve major crises. He highlighted that many of these issues are man-made and called for nations to unite in harmony not a United Nations in misery.

President Dr Muizzu stressed that the United Nations must have a real impact on people’s lives and called on the organisation to enforce its decisions at both global and local levels. He emphasised the need for a multilateral system that supports smaller nations like the Maldives, stating, “We need a system that champions us and delivers for us.”

He also voiced concerns about the UN’s failure to effectively address critical issues such as climate change, conflict, and inequality. “The Maldives cannot—and will not—stand idle while the multilateral system fails. Our survival depends on the well-being of the world,” President Dr Muizzu declared.

Speaking at UNGA79 the President called for comprehensive reforms to strengthen the United Nations, insisting that its relevance depends on its ability to make real, positive changes. His address was a clear call to action, urging leaders to ensure that the UN becomes a stronger force for peace, security, and sustainable development.\

 SOURCE : The President’s Office

The Vice President meets with the Island Council of Gdh. Nadella to discuss the island’s development needs

 Vice President Uz Hussain Mohamed Latheef met with members of the Gdh. Nadella Island Council at the President’s Office on Tuesday morning to discuss the island’s essential development needs.

During the meeting, the council members discussed several key problems impacting the island. They highlighted difficulties caused by the lack of space in the island’s harbour and the absence of a functional sewage system. They also emphasised the need to address and protect against erosion in the island’s beach area, as well as to move forward with projects such as the youth centre and football field.

During the meeting, the Vice President stated that he would do everything possible to speed up the construction of the football field on the island. He assured the council members that their concerns would be promptly addressed through relevant Government channels.

 SOURCE : The President’s Office

President delivers General Debate Statement at UNGA 79: President Dr Muizzu calls for global action on climate change and sustainability at UNGA 79

President His Excellency Dr Mohamed Muizzu delivered his address during the General Debate at the 79th United Nations General Assembly (UNGA), calling for global collaborative work to tackle climate change, pollution, and biodiversity loss. He described climate change as humanity’s greatest threat and emphasised the need for united action.

President Dr. Muizzu emphasised the devastating impacts of climate change, noting how it rapidly erodes decades of progress, diverts scarce resources from development to emergency relief, and hampers countries’ abilities to adapt to its effects. He called for an immediate and science-based response, bolstered by determination and adequate resources.

The President urged wealthier, high-emission countries to fulfill their financial commitments, particularly in supporting adaptation measures, where funding gaps continue to grow. As the world moves towards COP29, he stressed the importance of ensuring that the new collective goal for climate finance aligns with the scale of action required. 

Speaking at the UNGA79, the President reaffirmed the Maldives’ commitment to sustainability, pledging that by 2028, 33% of the country’s electricity demand will be met by renewable energy sources.

Furthermore, the President highlighted the vital importance of the ocean to the Maldivian people and their livelihoods, calling for stronger efforts to address plastic pollution, conserve biodiversity, and protect endangered species. He urged the global community to take decisive action on climate change, pollution, and biodiversity loss for the sake of future generations.

SOURCE : The President’s Office

The President sends a congratulatory message to the new Prime Minister of Sri Lanka

President His Excellency Dr Mohamed Muizzu extended congratulations to Her Excellency Dr Harini Amarasuriya, who was appointed as the 16th Prime Minister of the Democratic Socialist Republic of Sri Lanka.

In a post shared on the social media platform X, President Dr Muizzu expressed his unwavering commitment to strengthening the enduring relationship between the Maldives and Sri Lanka, underlining his confidence in Dr Amarasuriya’s leadership to drive progress.

Dr Amarasuriya was sworn in as Sri Lanka’s new Prime Minister on Tuesday, marking a historic moment as she became the first woman to hold the office since Sirimavo Bandaranaike in 2000.

SOURCE : The President’s Office

Minister Zameer sends Independence Day greetings to the Foreign Minister of Guinea-Bissau

Minister of Foreign Affairs, Moosa Zameer has sent a message of felicitations to the Minister of Foreign Affairs, International Cooperation and Communities of the Republic of Guinea-Bissau, Carlos Pinto Pereira on the occasion of Guinea-Bissau’s Independence Day.

Minister’s message reads as follows:

“It gives me great pleasure to extend warm greetings to Your Excellency, the Government and the people of Guinea-Bissau on the occasion of your Independence Day. 

The Maldives values its relationship with Guinea-Bissau and looks forward to increased bilateral and multilateral cooperation in the years ahead. 

Let me convey my personal best wishes for Your Excellency’s good health and well-being and continued progress and prosperity for the people of Guinea-Bissau. 

Please accept, Excellency, the assurances of my highest consideration.” 

SOURCE : Ministry of Foreign Affairs

President delivers General Debate Statement at UNGA 79: President Dr Muizzu calls for rule of law and full UN membership for Palestine

Speaking at the UNGA79 General Debate, President His Excellency Dr Mohamed Muizzu asserted the need for the rule of law and called for Palestine’s full membership in the United Nations.

The President stated that human rights violations by any country—regardless of its size or wealth—must not be tolerated. He described the situation in Gaza as a grave injustice and a failure of the international system.

President Dr Muizzu condemned that Israel’s atrocities have resulted in the deaths and injuries of thousands of Palestinians, including men, women, children, and babies. He criticised the destruction of homes, hospitals, schools, and humanitarian infrastructure. He also highlighted that while the world is struggling to process the deaths of civilians in Gaza, now Israeli raids in Lebanon are claiming hundreds more civilian lives there.

President also stressed that Israel is targeting killings of journalists, including Palestinian, Lebanese, and Al-Jazeera journalists, as well as the closure of Al-Jazeera offices, as attempts to prevent the world from knowing about the crimes taking place in Gaza.

President called on Israel to be held accountable for the acts of terrorism, violations of international law & UN resolutions. 

The President reiterated his call for recognizing a sovereign and independent Palestinian state based on pre-1967 borders, with East Jerusalem as its capital.

SOURCE : The President’s Office

Maldives discuss assistance in environment and energy sector with UK

Maldives and the United Kingdom (UK) have held significant discussions, with the Maldives requesting for assistance in the environment and energy sector. The discussions were held between the Minister of Climate Change, Environment and Energy, Thoriq Ibrahim and UK’s Minister of Climate Change, Kerry McCarthy. The meeting took place on the sidelines of the 79th United Nations General Assembly (UNGA79).

The discussions focused on the climate changes experienced by both countries, and the efforts made to protect endangered animals. Both ministers also discussed top priorities from the field and the ongoing projects in the Maldives, in collaboration with UK.

The Ministry of Climate Change, Environment and Energy stated that the meeting played a pivotal role in further enhancing the bilateral ties between the two states, while strengthening the support provided in the field of climate change. The Ministry further expressed optimism that the meeting would enhance the cooperation between the two states.

SOURCE : PSM

Over 50% of vessels registered in National Fishermen’s Register

The Ministry of Fisheries and Ocean Resources has announced that more than 50% of vessels have now been registered in the National Register of Fishermen. 

The National Register of Fishermen aims to formally identify fishermen engaged in state-recognized income-generating activities, aligning their profession with other recognized occupations. One of its key objectives is to ensure that those defined as professional fishermen are actively participating in legitimate income-generating work.

Initiated by President Dr. Mohamed Muizzu, the National Register of Fishermen is part of his presidential pledges and was opened to the public on 16 February. The Ministry reports that its teams have been actively visiting islands to provide information on the registration process, having reached 11 atolls thus far. 

The compilation of this register is expected to help retain economic benefits within the Maldives by reducing reliance on foreign involvement in the fishing industry. In line with Government promises, the Ministry will also provide information about reef fisheries, recreational fishing, and sports fishing activities.

SOURCE : PSM

President delivers General Debate Statement at UNGA 79: I wish to see the Maldives as a full-fledged developed nation.

President His Excellency Dr. Mohamed Muizzu articulated his vision for the Maldives to become a fully developed nation by 2040, ranking among the highest echelons of development. Speaking at the UNGA79 General Debate, he emphasised that achieving this goal requires increased productivity, digital transformation, and leveraging the country’s natural beauty and marine resources.

To support this vision, the President announced plans to boost productivity through institutional reforms, enhance digital connectivity, and improve ICT infrastructure and digital literacy. He also aims to make the digital economy contribute up to 15% of GDP by 2030.

President Dr Muizzu highlighted efforts to foster new industries, including building a robust financial sector and establishing the Development Bank of Maldives for economic diversification. Additionally, he outlined initiatives to empower women in public office and introduced the Presidential Youth Advisory Board for direct insights into young people’s needs.

The President also plans to advance the tourism sector through innovation and creativity, with the expansion of the main international airport as part of this strategy.

SOURCE : PSM

Youth Minister highlights need for increasing awareness following technological advancements

Minister of Youth Empowerment, Information and Arts Ibrahim Waheed has underscored the crucial importance of increasing public awareness along with technological advancements. The minister made the statement during a special segment aired on PSM News.

In his remarks, Minister Ibrahim Waheed affirmed that the Government is making ongoing efforts to address the challenges facing the youth. He highlighted initiatives aimed at providing opportunities for young people, including loans for skilled and innovative individuals, and apprenticeship programs. The minister noted that President Dr. Mohamed Muizzu prioritises the advancement of the technological field.

Furthermore, Minister Ibrahim Waheed shed light on global technological advancements, noting that numerous innovations are emerging with the support of various resources. However, the Minister observed the difficulties Maldivians face in identifying false information spread, compared to other developed countries. Stressing the detrimental effects of the spread of misinformation, he announced plans for nationwide awareness sessions before the year ends.

SOURCE : PSM

Minister Thoriq emphasizes importance of securing financial aid for small island nations

Minister of Climate Change, Environment, and Energy Thoriq Ibrahim has underscored the necessity of achieving effective financial assistance targeted at small island nations. He made these remarks while representing the Maldives at the Leaders’ Meeting of the Alliance of Small Island States during the 79th United Nations General Assembly.

In his statement on behalf of President Dr. Mohamed Muizzu, Minister Thoriq reaffirmed the Maldives’ commitment to the Antigua and Barbuda Agenda, which focuses on the needs of small island nations. He highlighted the critical need for successful financial aid outcomes at the upcoming COP29 and mentioned the Maldives’ ongoing implementation of the Advanced Baseline and Alignment System.

The meeting served as a vital platform to address the challenges small island nations face due to climate change and to urge the international community to find effective solutions. Participants discussed the need for small island nations to unite around shared goals as they prepare for COP29, emphasizing the alignment of new collective standards with their priorities and needs.

Furthermore, the gathering was an important opportunity to foster solidarity among small island nations, enabling them to collaboratively tackle climate change challenges. The Maldives’ involvement in such discussions is seen as a significant step in enhancing its role on the global stage.

Additionally, Minister Thoriq attended the Solve MIT Challenge Finals, where he shared insights on climate change technologies and innovations. He expressed the Maldives’ readiness to collaborate on initiatives that can drive meaningful change in this critical area.

SOURCE : PSM

The President Meets USAID Administrator on UNGA 79 Sidelines

President His Excellency Dr Mohamed Muizzu met with Ms. Samantha Power, Administrator of the United States Agency for International Development (USAID), on the sidelines of the 79th United Nations General Assembly (UNGA) in New York.

The Administrator of USAID commended the Maldives’ ambitious plans and affirmed USAID’s readiness to collaborate on various initiatives. She also discussed potential support for enabling PayPal services in the Maldives and facilitating the country’s membership in the Open Government Partnership (OGP), as these align closely with the President’s visionary development agenda.

The meeting concluded with both parties reaffirming their commitment to working together in areas of mutual interest and ensuring continued collaboration beneficial to both nations.

“Train the Trainer” programme commences

The “Train the Trainer” Programme for Managers and Supervisors of Service Centres was launched on Tuesday. The three-day programme, scheduled to run from September 24 to 26, is being held online.

This programme is being held as part of the Government Services Workstream activated under the “Government Experience Exchange Programme (GEEP),” initiated through the Memorandum of Understanding (MoU) between the government of the United Arab Emirates (UAE) and the Republic of Maldives. This MoU enables Maldivian Government officials to participate in experience exchange programmes focused on government development and modernisation.

The programme aims to enhance customer service initiatives of government agencies. Similar to the first programme, this programme is directed at civil servants and is organised in collaboration with the President’s Office and the Civil Service Commission’s Civil Services Training Institute.

A total of 35 officials from various Government Agencies will participate in this programme.

SOURCE : The President’s Office

The President meets with Prime Minister of Pakistan on the sidelines of UNGA 79

President His Excellency Dr Mohamed Muizzu met with His Excellency Muhammad Shehbaz Sharif, Prime Minister of Pakistan on the sidelines of the 79th United Nations General Assembly in New York.

The meeting reinforced the strong and brotherly relationship between the two nations, with both leaders emphasising their shared values and mutual interests.

During the meeting, the President and the Prime Minister explored potential avenues for cooperation in various sectors, including commerce, trade, education, tourism, and increasing direct flights between the two countries. The Pakistani Prime Minister commended the Maldives’ remarkable progress in tourism and expressed interest in leveraging the Maldives’ expertise to further develop Pakistan’s tourism sector.

They also discussed climate change and adaptation strategies, expressing their commitment to addressing these global challenges and encouraging each other to emphasise climate action during their respective addresses at UNGA 79. President Dr Muizzu also highlighted his administration’s “5 Million Tree Project” and discussed potential collaboration with Pakistan in support of this initiative, which was proposed during COP28.

To conclude, the leaders reaffirmed their dedication to strengthening diplomatic ties and advancing strategic cooperation on issues of shared concern. They reiterated their commitment to fostering deeper bilateral relations in the future.

SOURCE : The President’s Office

First Maldives Australia Senior Officials Talks

The Government of the Republic of Maldives and the Government of the Commonwealth of Australia issue the following joint statement on the occasion of the inaugural Maldives-Australia Senior Officials Talks.

The Government of Maldives and the Government of Australia convened the inaugural Senior Officials Talks today in Malé, marking a significant step in strengthening bilateral relations and enhancing cooperation between the two nations.

The talks were led by Her Excellency Fathimath Inaya, Foreign Secretary of the Ministry of Foreign Affairs of the Republic of Maldives, and Her Excellency Sarah Storey, First Assistant Secretary of the Department of Foreign Affairs and Trade of Australia. Officials from relevant Maldivian and Australian government agencies also participated, and the dialogue built on parallel inaugural Defence Policy Talks held on 23 September 2024. 

Maldives and Australia expressed their commitment to fostering a mutually beneficial partnership, rooted in shared values and common goals. The talks focused on a number of thematic areas, including enhancing the strong bilateral relationship and cooperation between the Maldives and Australia. Key areas of mutual interest were explored, such as governance, democracy, trade, tourism, climate change, defence, security, and development cooperation.

Maldives and Australia recognized the importance of enhancing economic ties and agreed to explore opportunities for collaboration in various sectors, including development, trade, and tourism. The senior officials emphasized the potential for increased trade flows and investment, benefiting both economies and fostering sustainable development.

In addressing global challenges, Maldives and Australia reaffirmed their commitment to combatting climate change and promoting environmental conservation. Collaborative initiatives in attracting development partners for renewable energy and conservation were identified as priority areas for future cooperation.

The talks also underscored the significance of security and stability in the Indo-Pacific region. Maldives and Australia showed dedication to work together on issues such as maritime and aviation security and safety, border management, Cyber Security, Humanitarian Assistance and Disaster Relief, and counterterrorism efforts, recognizing that a secure environment is essential for prosperity and progress.

Officials agreed to explore policing collaboration between the Maldives Police Service and Australia to build resilience and stability in the region.

Officials discussed ways in which relationships between the Australian Border Force (ABF), Australia’s border law enforcement agency, and the border and civil maritime security (CMS) agencies of the Maldives could be strengthened to enhance border management and maritime domain awareness.

The talks noted activity to develop MOUs between respective agencies and a new initiative of the ABF College through the ABF-DFAT Indian Ocean Maritime Security Project. This project will seek to build capability in the CMS agencies of the Maldives through bespoke training that will focus on the UN Convention on Law of the Sea, maritime domain awareness, and leadership.

Cultural exchange was highlighted as a vital component of our partnership, with plans to enhance already strong people-to-people connections through educational programmes, trainings, and community engagement across the islands.

Maldives emphasized the importance of strengthening democratic institutions and practices, recognizing that a robust governance framework is essential for fostering trust and collaboration. Strategies for enhancing transparency and accountability, which are crucial for building public confidence in governmental processes, were further discussed. Both nations expressed their firm commitment to upholding human rights and rule of law.

Maldives highlighted that the opening of the resident High Commission of Australia in Maldives was a significant development in relations between the countries and expressed appreciation for the Australian government’s support to the formulation of the Maldives’ 20-year National Development Plan.

As a result of today’s fruitful discussions, senior officials of the Maldives and Australia committed to enhancing dialogue and cooperation, with the aim of holding regular talks in the future to further deepen the relationship.

Australia and Maldives expressed their appreciation for the constructive engagement during this inaugural meeting and look forward to building on the groundwork laid today.

SOURCE : Ministry of Foreign Affairs

Maldives ratifies the BBNJ Agreement and the Minamata Convention on Mercury

The Minister of Foreign Affairs of the Republic of Maldives, Moosa Zameer deposited the Instrument of Ratification for the Agreement under the United Nations Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas beyond National Jurisdiction (BBNJ Agreement) and the Instrument of Accession for the Minamata Convention on Mercury on behalf of the Maldives, at an event held at the UN Headquarters in New York today.

The President of the Maldives, His Excellency Dr Mohamed Muizzu, decided to seek parliamentary approval to join the Minamata Convention on Mercury on 11 December 2023. The Maldives signed the BBNJ Agreement on 3 September 2024. The People’s Majlis approved the ratification of both the Agreement and the Convention on 13 May 2024. 

Following this event, the Maldives has become the 8th country to ratify the BBNJ Agreement and the 150th country to accede to the Minamata Convention on Mercury.

The Government of the Maldives is committed to ensuring the protection and sustainable use of the ocean and its resources, as well as to the protection of lives, livelihoods, public health and the environment from the release of toxic heavy metals such as mercury.

The BBNJ Agreement, adopted in the UN General Assembly in 2013, is open for signature until 20 September 2025. The Minamata Convention on Mercury was adopted by the international community in 2013 under the auspices of the UN Environment Programme (UNEP).

SOURCE : Ministry of Foreign Affairs

Maldives and Australia holds a series of discussions to strengthen military ties

Maldives and Australia have held a series of comprehensive discussions aimed at strengthening military ties. The first Defence Policy Talks were held between the Maldives National Defence Force (MNDF) and the Australian Defence Force (ADF), at the MNDF Headquarters. The Maldives delegation was led by the Vice Chief of Defence Force, Brigadier General Ahmed Ghiyas, while the Australian delegation was headed by the Assistant Secretary of the North and South Asia Branch at the Australian Department of Defence, Karen Radford.

During the meeting, Vice Chief of Defence Force Ghiyas underscored the importance of the partnership between the two nations, emphasising Australia’s enduring support in advancing the capabilities of the MNDF. He also expressed gratitude to the Australian government for its steadfast commitment to supporting the Maldives, particularly during national emergencies and natural disasters.

Meanwhile, Australia’s head of delegation, Karen Radford, reaffirmed Australia’s dedication to supporting the MNDF. She highlighted the importance of expanding ongoing programmes focused on capacity building and skill development within the Maldives’ defence sector.

MNDF stated that the discussions aim to serve as a platform to enhance bilateral cooperation in key areas such as maritime safety and security, professional military education, information sharing, and capacity building across a range of defense-related skills. Maldives and Australia both expressed optimism for the future of the defence partnership, agreeing that this dialogue was only the beginning of a deeper and more robust bilateral defence relationship. The discussions reflect both nations’ shared commitment to regional stability and security. This inaugural dialogue sets the stage for future cooperation, marking a new chapter in the Australia-Maldives defence relationship.

Political ties between the Maldives and Australia were established in 1974. Ever since, Australia has been actively providing support to the Maldives in various fields.

SOURCE : PSM

Fisheries Ministry hands over ice plant development in two islands to MIFCO

The Ministry of Fisheries and Ocean Resources has signed an agreement with the Maldives Industrial Fisheries Company Limited (MIFCO), to hand over the establishment of an ice plant and an ice storage facility in Meedhoo and Bandidhoo in Dhaalu Atoll and Funadhoo in Shaviyani Atoll. The agreement was signed by MIFCO’s Chief Financial Officer (CFO) Ilyas Haneef and Financial Controller of the Fisheries Ministry Eenaaz Naseer.

The project, financed by the Government’s Public Sector Investment Programme (PSIP), is valued at USD 1.6 million. MIFCO has indicated that each ice plant is priced at USD 518,806, and works are to be completed within an eight-month period, according to the contract. 

The ice plants, to be established on three islands, will each have a capacity of 30 tonnes, while the ice storage facilities will accommodate 50 tonnes. This initiative is part of a broader project to establish ice plants across 11 islands. The ministry disclosed that decisions have been made to establish the ice plants in Kulhudhuffushi City, Komandoo in Shaviyani Atoll, Naifaru in Lhaviyani Atoll, Rasdhoo in Alif Alif Atoll, Veyvah in Meemu Atoll and Rathafandhoo in Gaafu Dhaalu Atoll. Of these, funds have been secured for the establishment of five ice plants, from the Saudi Fund for Development (SFD). The remaining six ice plants will be funded by the Government. 

The Ministry stated that the initiative of establishing ice plants aims to address the challenges fishing vessels face in obtaining ice. In addition to this initiative, the Government has been exerting several efforts aimed at enhancing the fishing sector. Under these efforts, the Government is working to increase MIFCO’s capacity and create a system which facilitates fishermen in obtaining various services conveniently.

SOURCE : PSM

Health Minister attends Asia Pacific Regional Forum on Health and Environment

Minister of Health Dr. Abdulla Khaleel has participated in the 12th High-Level Officials Meeting (HLOM) of the Asia Pacific Regional Forum on Health and Environment (APRFHE), as the Head of Delegation of the Maldives.

The forum will focus on discussing potential strategies that can be implemented in response to health and environmental emergencies. The Ministry of Health stated that the forum plays a crucial role in enhancing the intergovernmental collaboration of the Maldives to tackle these pressing challenges. Additionally, the forum will also oversee preparations for the 5th Ministerial Meeting which is scheduled to take place on 26 September.

Furthermore, the APRFHE forum emphasises knowledge-sharing and policy advocacy to protect health from environmental risks, promoting a comprehensive approach aligned with global frameworks. The Health Ministry stated that this forum presents the Maldives with an opportunity to gain technical expertise and resources, contributing to the development of sustainable and cost-effective healthcare and environmental policies.

The forum, established in 2004, is a key platform to discuss measures which can be implemented to address the complex relationship between environmental factors and public health outcomes across the Asia-Pacific region. The Ministry stated that Maldivian delegations will collaborate with delegations from the other countries within the region, to address their shared concerns.

SOURCE : PSM

Fenaka reduces expenditures by 60%

Fenaka Corporation Limited has announced a significant reduction in its expenditure over the past eight months, reporting a decrease of 60% compared to the same period last year. The corporation has provided details regarding the initiatives implemented to achieve these cost reductions.

When the current Administration assumed office, Fenaka was identified as one of the companies burdened with substantial debt, totaling USD 278.9 million. According to Fenaka’s statistics, the corporation’s expenses from January to August 2023 amounted to USD 9.8 million. In contrast, this figure has decreased to USD 3.9 million during the same period in 2024, marking a noteworthy reduction of 60%.

Fenaka disclosed that the majority of these savings can be attributed to lowered logistics costs. As such, while the corporation incurred USD 4.8 million within the first eight months of last year, it only spent USD 758,754 during the same period this year. This is a remarkable decrease of 84% in transportation costs. Managing Director (MD) of Fenaka Muaz Mohamed Rasheed stated that USD 5.2 million was spent on average for logistic expenses, primarily due to renting separate vehicles for product distribution and high costs per trip.

Additionally, Fenaka has reduced its Corporate Social Responsibility (CSR) expenses. MD Muaz stated that Fenaka had previously spent on CSR despite its financial situation. Therefore, it had halted spending on CSR, apart from a donation of USD 6,485 to the Palestine fund. Last year, Fenaka incurred USD 603,112 as CSR expenditures.

Meanwhile, the statistics indicate the Fenaka spent USD 51,815 for international trips undertaken by Fenaka’s management for work related purposes in 2023. This year, it spent USD 15,888 for this purpose, marking a significant decrease of 69%.

Additionally, Fenaka has temporarily suspended spending on staff welfare after observing that a portion of the budget was disproportionately benefiting a specific group of employees. In 2023, Fenaka spent over USD 64,850 on staff welfare. The company has also reduced allowances, management trips, petty cash for travel, event expenses, printing and stationery costs, and marketing expenses.

SOURCE : PSM