COLOMBO, Jan. 21 (Xinhua) — Sri Lanka has made 327 billion rupees (900 million U.S. dollars) last year by exporting rubber products, the Rubber Development Department said on Saturday.
Director General of the department Madawa Kulasuriya told the media that this was a slight drop from 2021 revenue, which was 1 billion dollars.
However, the South Asian country intends to increase revenue from rubber products to 3 billion dollars by 2025, he said.
Major markets for finished rubber products are the United States, Germany and Japan, while Pakistan, Germany and Japan are major markets for natural rubber from Sri Lanka, he said.
Sri Lanka is one of leading natural rubber exporters in the world, and in 2021 around 70 percent of income from rubber exports came as tyres, according to official data.
IASL is seeks A contractor to refurbish the Maafaru airport terminal
BY: FATHIMATH LAUZA.
Island Aviation Services Limited (IASL) is looking for a contractor to refurbish the Maafaru International Airport terminal. IASL has asked interested Maldivian enterprises to submit proposals by February 12.
According to General Manager Mumthaz Ali, the goal of the terminal upgrade is to expand the airport’s capacity, add additional Maldives Immigration counters, and develop commercial and VVIP lounges.
He stated that the terminal will be a two-story structure, with the first level housing the VVIP lounge and the second housing the commercial lounge and offices.
Furthermore, the Maldives Transport and Contracting Company (MTCC) is planning to rebuild and enlarge the runway at Maafaru International Airport. The Abu Dhabi Fund for Development has provided a USD27 million grant to the project (ADFD). The expansion of the runway and terminal is projected to greatly boost the airport’s capacity.
The renovation and extension are part of Maafaru International Airport’s second phase of development. MTCC is in charge of extending the runway by 650 meters, enlarging the strip, recovering land, and constructing coastline protection buildings. Other activities include improving the runway pavement, enlarging the taxiway, and modernizing the AGL and power systems.
State reserve at USD 827.7M by end of last year, a significant improvement
Statistics publicized Maldives Monetary Authority (MMA) show that the state reserve stood at USD 827.7 million at the end of last year.
The ‘Economic Update’ publicized by MMA on Thursday showed that the gross international reserve, or in other words, the foreign currency reserve of the central bank, increased to USD 827.7 million by the end of last December.
This marks a three percent increase compared to the previous year. At the end of 2021, the state reserve stood at USD 805.8 million.
The reserve significantly improved in December 2022 compared to November 2022 with an addition of USD 223.5 million – marking a 37 percent increase. At the end of November 2022, the reserve stood at USD 604.2 million.
Tourism sector performed significantly well in the last quarter of last year. Statistics by Tourism Ministry showed that Maldives recorded 184,051 tourist arrivals in December alone, marking a 12 percent increase compared to December 2021.
As per MMA, the number of fisheries exports from the Maldives also significantly increased during December 2022. The central bank said that number of total exports had also significantly increased last year.
Economic experts cite the increased tourist arrivals to the Maldives and increased exports from the Maldives as a positive impact on the Maldivian economy.
While statistics from MMA shows Maldivian economy making steady improvements – Finance Ministry had recently announced measures to cut down state expenditure which is currently in force.
OPEC+ committee recommends staying course on oil output policy
VIENNA, Feb. 1 (Xinhua) — Leading oil officials on Wednesday recommended to maintain the current oil output policy of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, amid an uncertain global economic outlook.
The OPEC+ agreed in October 2022 to cut production by 2 million barrels per day from the following month until the end of 2023. The cut equals to about 2 percent of the annual global oil demand.
Members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) “reaffirmed their commitment” to the current output plan at a virtual meeting on Wednesday and “urged all participating countries to achieve full conformity and adhere to the compensation mechanism,” according to an OPEC statement.
The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group’s decision-making body. It has also the authority to request additional OPEC+ ministerial meetings “at any time to address market developments,” according to OPEC.
The JMMC has reviewed the oil production data for November and December last year and “noted the overall conformity” for the OPEC+ countries, OPEC added.
The next JMMC meeting is scheduled for April 3. The next OPEC+ ministerial meeting, where the group will formally decide its output policy, is set for June 4.
Brazilian deported after found carrying drugs worth MVR 6.5M
Analysis: Bayern remains in unrest, Nagelsmann’s future depends on success against Paris
U.S. long-arm jurisdiction harms int’l order, rule of law
Small unknown asteroid accidentally detected by Webb telescope
Death toll rises to 3,381 in Türkiye after massive quakes
Supreme Court issues practice direction on counting days in civil cases
Opposition: Not required to respond to the presidential address
Elections Commission grants approval to form Maldives Solidarity Party.
Parliament’s 06th May Terror Attack Report Highlights Defence Minister Mariya Ali Didi’s Negligence.
Leaked documents show India refused to withdraw military personnel and helicopters from the Maldives even after their Visa’s expired.
Former President Mohamed Nasheed revokes support for the current administration in an open letter.
President Abdulla Yameen officially calls for the removal of Indian military personnel in the Maldives.
Hiyaa flats- pigeon coops, negative stereotyping and lobbying.
COVID-19: Racism, Blame Shifting and Politicizing a Pandemic.
News4 days ago
Digital licenses will be used from Tomorrow
News6 days ago
Nasheed signs up supporters for ‘Fikuregge Dhirun’ branch
World7 days ago
Cambodia continues to pursue independent foreign policy: FM
News7 days ago
Nasheed: Chairperson must find a way for MDP to move forward with two factions
World7 days ago
World Insights: U.S. influence in Mideast declines due to biased policies
Tech7 days ago
U.S. and EU to launch first-of-its-kind AI agreement
Business6 days ago
Last Boeing 747 plane leaving factory portends dusk of jumbo jet age
Sports7 days ago
Busy close to transfer window in Premier League