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MoECCT reveals new internet prices.

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The Ministry of Environment , Climate Change and Technology has revealed their plans to lower the price of internet in the Maldives.

According to the Ministry, changes has been brought to internet prices and packages after the ministry‘s negotiation with ISPs. The changes brought to the existing packages are as follows.

Package Speed(Mbps)Allowance(GB)Price(MVR)Throttle Speed (Mbps)
5302502
151005005
252007005

They stated that with the current changes are expected to lower the price of internet for an estimated 60-75% of the population while the throttle speed of the packages has been elevated two and five times respectively.

According to the changes brought, the packages with a throttle speed of 2  MBps has been raised to 5MBps while the minimum national broadband speed has been raised to 5 MBps. In Addition to this all packages with a price tag of MVR300 and above will have a minimum throttle speed of 5 MBps.

The Ministry of Environment , Climate Change and Technology also revealed that they are working on laying additional submarine cables with the Nippon Telegraph and Telephone Corporation (NTT). According to the statement by the Ministry, the mist fiber cables by the NTT will allow for the Government of Maldives to purchase capacity without any intermediaries.

This investment is set to bring cater for the nations internet demands for years to come. This will allow for cheaper internet prices in the years to come. The Ministry is also set to establish an Internet Exchange Point in the Maldives which would allow for even cheaper and faster internet. This would also open up the Maldives for prospective data centers form foreign corporations, back offices of international companies and allow the Maldivian Banking system to provide their services to an international audience.

The Ministry of Environment , Climate Change and Technology affirmed that they would continue to regulate the price of internet in the Maldives and would continue to negotiate with ISPs.

The changes to the internet prices in the Maldives will be brought in two phases. The first phase will kick off on July 2021 where the fixed broadband services will see the price of the packages drop by 28-30%. The second phase of the changes will be in October 2021 where the price of mobile broadband packages will drop by 20-100%.

The Ministry of Environment , Climate Change and Technology also stated that internet has become a part of life and that it is a necessity for all walks of life. They also stated that internet is a basic necessity of life and that they would continue to work on making internet more accessible to the public with lower prices and better packages.

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CWEIC office to establish in Maldives, Janah as Chair

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Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

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Dubai company awarded the development of SEZ

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An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

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Over USD 713M generated attributing to revenue increasing by 3.7%

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Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews

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