Business

More financial support urged for small firms

Published

2 years ago

16/12/2021

MNN

Li calls for multipronged measures to help businesses get through difficulties

China will adopt market-based measures to double down on financial support for micro, small and medium-sized enterprises to support market players and cushion the new downward economic pressure, a State Council Executive Meeting chaired by Premier Li Keqiang decided on Wednesday.

The meeting noted the importance of acting on the guiding principles adopted at the recent Central Economic Work Conference, putting economic development front and center and prioritizing stable performance while pursuing progress.

“MSMEs and the self-employed are facing great difficulties. In the first half of next year, the impact of commodity price rises will be felt by downstream enterprises and add to their pressure. We need to take multipronged measures to help smaller businesses and the self-employed to get through this difficult period,” Li said.

The meeting decided to replace the inclusive loan repayment extension support tool for micro and small enterprises with inclusive loans for them. From the beginning of next year until the end of June 2023, the People’s Bank of China, the country’s central bank, will provide funds to local banks that issue inclusive loans to micro and small enterprises and the self-employed equivalent to 1 percent of the increase in their loan balance, to encourage them to issue more such loans.

From next year, inclusive credit loans to micro and small enterprises, which are designed to improve such enterprises’ access to financial services, will be incorporated into the relending program for agriculture and small enterprises. The 400 billion yuan ($62.8 billion) relending quota previously designated for micro and small enterprises’ inclusive credit loans can be rolled over, and can be expanded if needed. Qualified local banks making inclusive credit loans to the enterprises can apply to the People’s Bank of China for low-cost relending financial support.

“These are relief policies for businesses. We must get them started fast, make sure they’re easy to do, and deliver real results,” Li said.

The meeting emphasized that an integrated platform network for financing credit services will be put in place at the national level, with a focus on financing service for micro, small and medium-sized enterprises. On the premise of legal compliance and data security, information regarding business registration, administrative penalties, court judgments and enforcement, tax payments and social insurance contributions will be shared, to help banks raise their capacity to serve the enterprises.

Regulations will be improved concerning the evaluation of financial institutions’ performance on issuing of loans to micro, small and medium-sized enterprises, and exemption of liability when due responsibilities are fulfilled. Financial institutions will be supported in issuing special financial bonds for micro and small enterprises. The size of government financing guarantees targeting the enterprises will be expanded and the cost lowered.

By WANG KEJU | CHINA DAILY

Business

Maldives records USD 802.2 million in first four months

Published

6 hours ago

19/05/2024

The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

3 days ago

16/05/2024

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

Business

Dubai company awarded the development of SEZ

Published

7 days ago

12/05/2024

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