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The government has accumulated 500 million dollars from selling sukuk

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The government has accumulated over $500 million (MVR 7.7 billion) by selling sukuk.

During March of this year, the government has sold Sukuk worth over $200 million, and an additional $100 million worth in April. Afterwards during September another $ 200 million worth of Sukuk was sold. The Sukuk was sold with an interest rate of 10.5% in order to settle the government loans. For the Sukuks sold in the beginning of the year, Dharumavantha Hospital which was built during the presidency of President Yameen Abdul Gayoom, was used as collateral. As for the more recent $200 million worth Sukuk sold, Velanaa Building as well as some other land in Malé City was used as the collateral.

Sukuk is a form of debt financing. It is a financial instrument which is sold in compliance with the Sharia. Instead of using the financial gains from selling sukuk to make new investments, the government used this money to settle the recurrent expenses. For this reason, paying back this debt would be a hurdle for the government in the future.

COVID 19

The Chinese Ambassador is hopeful for the second shipment of the vaccine gifted from China to arrive in the Maldives soon.

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Chinese Ambassador in the Maldives, Wang Lixin has said that she expects the second shipment of Covid vaccines from China to arrive in the Maldives soon. Her Excellency Wang Lixin said this in a tweet last week Tuesday after a meeting with Maldives Health Minister Ahmed Naseem.

In this meeting with the health minister, it was discussed to strengthen the relationship between the 2 countries and work together as per the agreement between President Ibrahim Mohamed Solih and the President of China, Xi Jinping. Discussions have been made to improve the health benefits between the 2 countries as well. On this note, the Chinese Ambassador has said that 4 there are 400,000 doses of the Sinopharm Vaccine on its way to the Maldives.

The first batch of vaccines donated by China was received at the beginning of this year with 2 lakh vaccine doses. After which, it was announced two months ago that 4 lakh doses were donated again by China. China is the one country that has donated the highest number of vaccine doses to the Maldives with a sum of 6 lakh vaccine doses to fight against Covid-19.

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SAFF championship’s amended timetable with changes has been announced.

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The South Asian Association for Regional Cooperation (SAARC), football tournament SAFF championship’s first match between Maldives and Nepal has been rescheduled to go on at night time, after the opening ceremony.

The schedule for the championship has been changed twice before as well. When the schedule has first released the dates given were from 1st-13th. But after review, the schedule was changed to abide by FIFA match day policies, giving enough days in between for the players to rest.

The government’s senior employees will be attending the opening ceremony event. The Maldives has previously won twice in this competition, which was in 2008 playing in Sri Lanka and in 2018 playing in Bangladesh. Both tournaments were won playing against India. The Maldives remains to be the competition defending champions, so the slogan for this year’s championship is “Thinvanah faharu miee ey faharu” which translates to “Third time is our chance”, aiming to win the championship cup for the third time.

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A Bangladesh Airline to start flights from Bangladesh to Maldives.

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Bangladesh’s biggest private airline the US- Bangla Airlines to has scheduled direct flights from Bangladesh to the Maldives.

US-Bangla Airlines flights will commence in November of this year. The airline will be traveling straight from the capital city of Bangladesh Dhaka city to Male’ city. It is reported that the scheduled flights will start in the middle of November with 4 flights per week. Bangladesh’s Dhaka Tribune newspaper reported that the flights used for this will be Boeing 737-800 flights.  That flight has a capacity of 164 persons.

US-Bangla Airline stated that it is an aim for the airline to have an easy way for persons who wish to travel to Bangladesh from the Maldives. And that this decision will help workers who are employed in the Maldives as well.

US-Bangla Airlines is working on having scheduled flights to Bangladesh from Sri Lanka and Saudi Arabia as well. As of now, the airline has direct flights to Bangladesh from Dubai, Oman’s capital city Muskat, Kuala Lumpur, Singapore, Chennai, China, and Doha.

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