Maldives News Bulletin - Volume 148

 Minister Dr. Khaleel has sent National Day greetings to the Federal Minister for Foreign Affairs of the Federal Republic of Germany.

The Minister of Foreign Affairs of Maldives, Dr. Abdulla Khaleel sent a message of felicitations to Annalena Baerbock, Federal Minister for Foreign Affairs of the Federal Republic of Germany, on the occasion of the German National Day.

Minister’s message reads as follows:

“It gives me great pleasure to extend warm greetings and heartfelt well wishes of the Government and the people of Maldives, and those of my own, to Your Excellency, the Government, and the people of the Federal Republic of Germany, on the jubilant occasion the National Day of Germany. 

Since the establishment of diplomatic relations 58 years ago, the Maldives and Germany have enjoyed close and cordial relations founded on mutual trust and respect. 

Germany continues to be a crucial bilateral partner of the Maldives, and we have closely collaborated on mutual interests ranging from trade, tourism, and climate change. I remain committed to working with Your Excellency in proliferating the existing ties of camaraderie and cooperation between our two countries.

Please accept, Excellency, my best wishes for your good health and well-being, and for further progress of the people of the Federal Republic of Germany and the assurances of my highest considerations.”

 SOURCE : Ministry of Foreign Affairs

Minister of Education Dr. Ismail Shafeeu has expressed confidence in record enrolment in teaching courses this year.

Speaking at the seventh International Teachers’ Conference, Minister Dr. Shafeeu revealed that the biggest challenge the education sector faces is the lack of teachers. The minister stated that efforts are underway to address this issue. He disclosed that recent statistics shows that there is one teacher for every eight students in the Maldives. As such, he revealed that while one teacher teaches 18–19 students in the Greater Male’ Region, there are six to two students per teacher in atolls.

Acknowledging that the hard work of teachers, Minister Dr. Shafeeu expressed concern over the teacher shortage. An additional 250 teachers were required, who are specialised for primary grades, he said. He also noted that the decrease in the number of teachers, specialised to teach subjects such as Islam and Dhivehi Language.

In his address, Minister Dr. Shafeeu announced that the Maldives received a donation of USD 5 million, to develop the education sector. Part of this donation by the Global Partnership for Education (GPE) will be allocated for the teacher’s training programme, a key point President Dr. Mohamed Muizzu’s manifesto.

Minister Dr. Shafeeu also said that graduates will not consider teaching as a career unless the hard work of teachers are recognised. Citing research and statistics, the minister stated that countries with the best education systems recognise and appreciate efforts by teachers. He urged students and parents to acknowledge the works of teachers, aiming to improve the education system of the Maldives.

SOURCE : PSM

Minister of Construction and Infrastructure, Dr. Abdulla Muththalib has highlighted the importance of retaining US dollars within the Maldivian banking system for the country’s economic stability. He made the statement in a social media post regarding the two new regulations introduced by the Maldives Monetary Authority (MMA) aimed at boosting foreign exchange circulation and compelling tourism businesses to exchange foreign currency through local banks.

In his post, Minister Dr. Muththalib described the move as bold and long overdue, noting that previous administrations acknowledged the necessity of such regulations but lacked the political will to implement them.

He reiterated that the retention of US dollars within the banking system is vital for the Maldivian economy, helping to fund imports, service foreign debt, settle card payments, stabilise the value of the Maldivian Rufiyaa, and curb the black market for US dollars.

Additionally, Minister Dr. Muththalib said that a healthy reserve of dollars would help control commodity prices and contribute to financial and economic stability, which in turn would support the growth of key sectors such as tourism.

SOURCE : PSM

The Minister of Foreign Affairs of the Republic of Maldives His Excellency Dr. Abdulla Khaleel has sent warm greetings and good wishes to His Excellency Cho Tae-yul, Minister of Foreign Affairs of the Republic of Korea on the joyous occasion of the National Foundation Day of the Republic of Korea

Minister’s message reads as follows;

“On behalf of the Government and the people of Maldives, I wish to extend warm congratulations and best wishes on the joyous occasion of the National Foundation Day of the Republic of Korea.

Maldives and the Republic of Korea have enjoyed almost six decades of strong bilateral cooperation that have greatly contributed to our expanding partnership. I look forward to working closely with your Excellency to further strengthen the close bilateral ties and friendship between our two countries.

Let me also convey my best wishes for Your Excellency’s good health and well-being, as well as for the continued progress and prosperity of the people of the Republic of Korea. Please accept, Excellency, the assurances of my highest consideration.”

SOURCE : Ministry of Foreign Affairs

The Ministry of Construction and Infrastructure has installed temporary drainage systems in two locations in the capital, Male’ City, to address surface water flooding. The temporary drainage systems have been set up near West Park and the Villi-Malé Ferry Terminal.

Installation efforts are currently underway in the area surrounding Indira Gandhi Memorial Hospital (IGMH), with plans to extend the work to the Artificial Beach area once completed.

This is a collaboration between the ministry, Maldives National Defence Force (MNDF) and Road Development Corporation (RDC). Efforts are focused on the most flood-prone areas of the city.

These systems are intended as a mitigation strategy until the city’s road renovation project, funded by a grant from the Chinese government, is completed.

SOURCE : PSM

The Island Council of Dhaalu Meedhoo has signed an agreement with the Maldives Industrial Fisheries Company Limited (MIFCO) to allocates 3,000 square meters, free of cost, for the construction of an ice plant. The agreement includes the construction of an ice plant and storage facility.

MIFCO said that the council’s decision reflects its strong support for local fishermen. This is part of the government’s Public Sector Investment Programme (PSIP) and is aimed at enhancing fishing operations in the area. The council’s decision comes in the wake of the September 24, 2024, agreement between the Ministry of Fisheries and Ocean Resources and MIFCO.

Speaking at the land handover ceremony, General Manager at the Engineering and Projects Department of MIFCO, Muaz Ali highlighted the crucial role of an ice plant in ensuring a supply of fresh fish to local fishermen. He noted that while the council charges only a nominal fee, MIFCO sells ice at an affordable price to promote the catch of high-quality fish, even though it is not financially rewarding for the company. He expected to observe improvement in the quality of catch in the region. 

President of Meedhoo Island Council, Ibrahim Naseem expressed optimism that the ice plant would transform the economy of the island. He also said that the ice lant will benefit small businesses and boost the income of individuals involved in fishing, farming, and aquaculture both in Meedhoo and nearby islands.

MIFCO is set to implement similar projects in Dhaalu Bandidhoo and Shaviyani Funadhoo. Each facility will produce 30 tonnes of ice daily and boasts storage capacity of 50 tonnes. The overall project, worth USD 2 million, will allocate USD 519,000 for each plant. This is a project funded by the government.

SOURCE : PSM

Housing Development Corporation (HDC) has extended the application deadline for leasing pocket parking zones in Hulhumale’.

HDC initially opened applications to lease parking slots on September 17, 2024. The corporation is leasing 1,374 parking slots across eight pocket parking zones in Hulhumale’. The slots will be available for a one-year lease at USD 129.7 per month. The original application period was set to close on October 1, 2024, but has now been extended to October 10, 2024.

Applicants must be at least 18 years old and have a Category B1 or C1 vehicle registered in the Greater Male’ Region. The applicants must also be residents of the region. Priority will be given to vehicles registered in Hulhumale’.

The applications can be submitted at the HDC reception, between 0900-1400hrs on official working days.

SOURCE : PSM

The Governor of Maldives Monetary Authority (MMA) Ahmed Munawwar has said that the tourism sector currently contributes only 3% of the foreign currency to the banking system. However, he expressed confidence that the October 1,2024 Regulation on Foreign Currency and Regulation on Money Changing Businesses will increase the flow of US dollars into the banking system and boost the demand for the Maldivian Rufiyaa (MVR). Munawwar made the remarks in an interview with PSM News.

Governor Munawwar pointed out that recent MMA data shows a sharp decline in foreign exchange entering the banking system following the COVID-19 pandemic. Reflecting on the significant foreign currency shortage that ensued, he stated that while dollar inflows have dropped, the amount of foreign currency deposited in banks has also decreased substantially. Unlike the USD 152.5 million deposited in 2019, a meagre USD 68 million was deposited in 2023, accounting for only 3% of the dollars generated by the tourism sector, he said. 

Governor Munawwar forecast an increase the tourism sector’s contribution to 10% or 15%, with the implementation of the new regulations. He asserted that Bank of Maldives (BML) and other banks stand to benefit from the new measures. 

Under the updated regulations aimed at resolving the foreign exchange shortfall, banks in the Maldives are required to allocate dollars for every tourist visiting the country. Accordingly, tourist resorts must exchange USD 500, and guest houses are required to exchange USD 25 for every tourist arrival, each reporting month.

Governor Munawwar said that the new policies will alleviate current strain on the foreign currency, market enabling banks to better meet foreign exchange demands. He said that the MMA currently intervenes with USD 300 to 400 million annually in foreign exchange support. The central bank, however, expects the figure to double with the new measures, allowing individuals to more easily access the dollars they need through the banks, according to the governor. 

According to the central bank, the updated licensing requirements for money changers will streamline the way these businesses operate but also strengthen the MMA’s ability to supervise them. 

SOURCE : PSM

Governor of the Maldives Monetary Authority (MMA) Ahmed Munawwar has stated that the central bank’s Board of Directors have approved the license required for the Development Bank of Maldives (DBM).

Speaking with PSM News, MMA’s Governor Munawwar revealed that the license will be issued to the DBM within this week. Munawwar emphasised the importance of financial institutions for the banking system of the Maldives. He highlighted the need to establish an International Financial Centre, aiming to enhance the capabilities of the banking system.

He elaborated on this initiative, stating that it will allow projects to be financed through the banking system of the Maldives, rather than relying on international financial support.

The primary purpose of establishing the DBM, is to facilitate investments for sustainable socio-economic development in alignment with governmental policies. It further aims to alleviate challenges in funding Public Sector Investment Programs (PSIP) through syndicated financing and attract global investments in foreign currency through the Maldivian banking system.

SOURCE : PSM

Managing Director of the Maldives Marketing and Public Relations Corporation (MMPRC) Ibrahim Shiuree has highlighted an increase in the number of tourists visiting the Maldives from Bangladesh. 

In an exclusive interview with PSM News, Shiuree explained that MMPRC is currently promoting the Maldives in new markets to boost tourist arrivals, noting that significant changes are taking place in the global tourism landscape. He highlughted the increasing number of tourist arrivals from Bangladesh, as one such change. 

Additionally, Shiuree highlighted that while the Maldives typically sees around 2,000 to 3,000 tourists from Bangladesh each year, last year saw a substantial increase to 22,000 arrivals.

In the first eight months of this year, he said that 20,840 tourists from Bangladesh visited the Maldives, marking a 29% increase compared to the 16,161 tourists during the same period last year. Bangladesh now ranks as the 16th largest tourist market for the Maldives.

Shiuree emphasised that MMPRC will continue to expand its marketing efforts to sustain this upward trend in tourism.

SOURCE : PSM