Business

Minority leader MP Ahmed Saleem calls to lower proposed budget to MVR 25 billion.

Published

2 years ago

08/11/2021

MNN

Parliament’s Minority Leader MP Ahmed Saleem has called for the government to reduce the proposed state budget of MVR 37 billion to MVR 25 billion in consideration for the current state debt and lack of income.

Speaking at the Parliament, MP Ahmed Saleem raised concern on the proposed budget and the economic situation of the country. He stated that under the current administration state debt has increased by the billions annually and that while the proposed budget estimates an additional debt of MVR 10 billion, he suspects that the actual number would be MVR 14 billion.

He also stated that under the current administration the state budget deficit has also increased by MVR 13-14 billion every year.

MP Ahmed Saleem also called for the government to restrain from taking in new debts and to focus on reducing the owed debts due to the massive recession and the economic hurdles caused by the COVID-19 pandemic.

The veteran MP and businessman stated that due to the recourse chosen by the current administration, it is very likely for the prices of foods and other goods to hike in time for the upcoming Ramadan. He also noted that the burdens caused by this hike in prices will not affect those on the top tiers of the government and that the ordinary people will be the ones to suffer.

MP Ahmed Saleem also noted that the current budget does not aim to alleviate the sufferings of the people and that it will only further alleviate the status of those on the top tiers of the government.

He further noted that even now MVR75,000.00 is being spent daily spent on the President’s residence. This is almost 12 times the median monthly income of a government employee.

He further stated that the proposed budget raises red flags and that to manage the state debt the budget should be lowered to MVR 25 billion.

Business

BML announce new MVR 1-mil loan facility without collateral

Published

6 hours ago

06/05/2024

The Bank of Maldives (BML) on Monday officially announced the launch of two new home loan products; the Home Build Loan and the Home Equity Loan.

The new loan facilities have been introduced to cater to the growing customer needs for home construction and renovation, BML said.

The new Home Build Loan has been designed to allow individuals to borrow up to MVR 1 million without any additional security. The facility provides a repayment period of over 15 years, which is ideal in renovation projects or larger home construction projects across the Maldives.

The bank also, for the first time, has introduced Home Equity Loan for existing Home Loan and Financing customers. This new facility enables these customers to borrow up to the repaid amount, or the usable equity, of the primary loans. The Home Equity Loan is offered for borrowings of more than MVR 50,000 with a repayment period of 20 years.

Moosa Nimal, the Director of Retail and SME Banking said, “These products are designed to make access to finance easier for our customers across the country.”

“The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Our Home Equity Loan offers our existing home financing customers to access usable equity available on their property, at a low rate of just 10%.”

The newly introduced loan facilities are available for BML Islamic customers as well.

Source(s): sun.mv

Business

MIB signs an agreement to expedite business registration process

Published

2 days ago

04/05/2024

Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

Business

MTCC reports staggering 82.9% net profit drop

Published

5 days ago

01/05/2024

Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv