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Economic growth to increase foreign reserves: MMA

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Maldives Monetary Authority (MMA) has stated that foreign exchange reserves of the nation will increase compared to 2023. This was revealed in the Quarterly Economic Bulletin released every three months.

The report publicised by MMA, indicated that by the year-end of 2023, the foreign exchange reserves had USD590.5 million. It also predicted that this amount is to increase significantly, such that the there is USD605.7 million by the end of this year.

According to the report, official foreign exchange reserves fell 29% in the first quarter of this year compared to the same period last year. By the end of the first quarter of this year, the reserves were at USD541.8 million. The report highlighted that the foreign exchange reserves decreased to complete the repayment of the USD100 million loan given by the State Bank of India, by the previous administration.

The report shed light on the remarkable progress of the tourism industry, indicating that it played a pivotal role in bolstering the nation’s economic development. It also revealed that the progress of the tourism industry had benefitted many other sectors and industries interconnected with it, such as transportation and telecommunication.

While the amount in the foreign exchange reserves are projected to increase, the funds generated in the Sovereign Development Fund (SDF) has also increased within the past six months. Meanwhile, the nation has also been experiencing significant economic growth compared to 2023, following the implementation of various measures by the government.

Source(s): PsmNews

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Maldives and US discuss deepening defense cooperation

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Maldives and the United States have engaged in discussions regarding deepening relations between the two countries, including in the area of defense cooperation.

The discussions took place in a meeting between Maldivian Foreign Minister Moosa Zameer and US Secretary of State Antony Blinken.

Zameer, who is on a four-day official visit to the US, met with Blinken in Washington DC on Wednesday.

According to a statement released by the Foreign Ministry, the discussions during the meeting centered on deepening relations between Maldives and US,

The discussions between Minister Zameer and Secretary Blinken centered on the deepening relations between Maldives and US, “including in the area of defense and security cooperation, promoting and strengthening democracy, commitment to economic growth and adapting to climate change.”

According to the Foreign Ministry, Maldives and US also reaffirmed their commitment to explore new avenues to strengthen the partnership, and acknowledged the importance of upholding a rules-based international order, and expressed their commitment to regional stability, maritime security and promoting peace.

At the meeting, acknowledged the Maldives’ leadership in the international fora towards combatting climate change and promoting environmental sustainability.

He also congratulated the Maldives on holding successful presidential and parliamentary elections, said the ministry.

Meanwhile, Zameer acknowledged the importance of the educational opportunities offered by the US.

He also noted that easier visa facilitation services for Maldivians would promote people-to-people contact, paving the way to promote cultural exchange, tourism, and business ties between the two countries.

Zameer was accompanied by Maldivian Ambassador to US, Abdul Ghafoor Mohamed; Secretary, Bilateral, Dr Hala Hameed; Senior Undersecretary, Hassan Hussain Shihab; Counsellor, Zeena Didi; and Second Secretary, Ibrahim Haail.

Zameer left for Washington on Sunday night, in a visit that the Foreign Ministry said seeks to “further strengthen the Maldives – US partnership and reaffirm commitment to multilateralism.”

He met with Samantha Power, the Administrator of the US Agency for International Development (USAID), on Tuesday.

During his time in Washington, Zameer is scheduled to meet other top US government officials, participate in an interactive discussion at the prestigious Council of Foreign Relations, and meet with the Maldivian community residing in Washington.

Zameer will then travel to New York, where he will meet with the UN Secretary General António Guterres and the UN Under-Secretary-General for Economic and Social Affairs, Li Junhua.

Zameer is also scheduled to meet with tour operators and travel advisors based in New York, as well as Maldivians residing in New York and New Jersey.

Source(s): sun.mv

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Government plans to drop limit on recruitment of Bangladeshi laborers

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Home Minister Ali Ihusan says the Maldives needs to drop the limit on recruitment of unskilled laborers from Bangladesh, adding the country would not be able to meet the current demand for laborers, otherwise.

The law requires that the number of unskilled workers from each source country to be capped at 100,000.

In a meeting with the Parliament’s National Security Services Committee on Tuesday, Ihusan said that the Maldives has some 96,000 Bangladeshi laborers, and that the limit will be reached, as soon as it lifts the current ban.

“Based on the current demand for labor in the Maldives and as well as the forecasted future demand, the 100,000-limit on Bangladeshi laborers is something we must drop,” he said.

But he said the limit cannot be dropped without implementing certain safeguards, the chief of which is to create a system to record the biometric data of all expatriates.

He added that he believes requiring expatriates to get a separate permit from any island they work in, in addition to the official work permit, will also go a long way towards curtailing illegal migration.

“They must be mobilized only after they are allocated to the island they are coming to, through the system, and after they are endorsed by the council. We are working on bringing this development to the system,” he said.

The Home Ministry had imposed a ban on recruitment of unskilled laborers from Bangladesh back in April, to investigate multiple instances where fake documents were used to bring in laborers.

“We will recommend to the Parliament to lift the limit. But we will not do it until we fully roll out safeguards,” he said.

“I do not believe we can cater to the current demand in the Maldives by keeping the 100,000-limit.”

Maldives had imposed a ban on the recruitment of unskilled laborers from Bangladesh in September 2019, during the former administration, after announcing that workers from the neighboring country far exceeded that number.

The incumbent administration had lifted the ban in December last year, before the recent reversal.

Illegal migration remains a longstanding issue in the Maldives.

The Home Ministry has launched a special operation under the name ‘Kurangi’, in a crackdown on illegal migration.

The biometrics of over 1,500 migrants have been collected under the operation.

Source(s): sun.mv

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Chinese envoy urges Israel to cease military action in Gaza

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A Chinese envoy on Tuesday urged Israel to “heed overwhelming international calls for an immediate ceasefire in the Gaza Strip and stop its collective punishment” on the people living there.

The Gaza conflict has been ongoing for more than eight months, resulting in unprecedented destruction and a humanitarian disaster, Fu Cong, China’s permanent representative to the United Nations, said at a UN Security Council session.

There is an overwhelming international consensus on the Gaza conflict, with multiple UN resolutions demanding an immediate and lasting ceasefire, the release of all hostages, the removal of barriers to humanitarian access, and the protection of humanitarian workers, Fu said.

“Following the announcement of a ceasefire initiative on May 31, the United States pushed the Security Council to adopt Resolution 2735, urging Israel and Hamas to accept it. At that time, the United States claimed that Israel had accepted the proposal,” Fu said. “Unfortunately, to this day, we have not seen any concrete indications from Israel that it agrees to implement a lasting ceasefire.”

On the contrary, Israel continues to carry out major military operations, repeatedly attacking refugee camps across Gaza, causing massive casualties and placing humanitarian organizations in danger, he added.

An immediate ceasefire must be implemented, and once achieved, hostilities must not resume, Fu said, adding that causing more civilian casualties is not the way for Israel to rescue hostages held by Hamas.

In the West Bank, Israeli security forces conduct searches, arrests and attacks against Palestinians on a daily basis. Fu said China demands that Israel effectively curb its violence against Palestinian civilians and stop undermining the Palestinian National Authority, including promptly returning the withheld tax revenues.

Urging Israel to immediately cease all settlement activities, the diplomat reiterated China’s position that these activities violate international law and UN Security Council Resolution 2334 as well as erode the prospects for a two-state solution.

The situation in the Red Sea and along the Lebanese-Israeli border is also causing concerns, Fu said, adding that China calls on all sides to exercise restraint.

Source(s): CGTN

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