Business

New Development Bank mechanism “very fair”: Rousseff

Published

11 months ago

03/07/2023

BEIJING, July 3 (Xinhua) — The financial governance mechanism of the BRICS-led New Development Bank (NDB) is “very fair,” Dilma Rousseff, the bank’s president, has said.

The former Brazilian president said at the 11th World Peace Forum that no member has more financial resources than others in the BRICS bank. She explained that since the establishment of the bank, the shares of the five BRICS nations have been the same, about 19 percent each, and when new countries join, shares of all countries will be equally reduced.

Rousseff said that “each country’s share in the BRICS bank is absolutely fair,” denying claims that the bank has been controlled or influenced by some countries at the Q&A session.

She said the rotation mechanism ensures fairness. Currently Brazil holds the rotating presidency of the NDB, and another member country will take over in July 2025.

When asked about the BRICS membership expanding at the upcoming summit in South Africa, she refused to give names of new applicant countries, saying the BRICS mechanism is different from that of the NDB.

Headquartered in Shanghai, the NDB was established in 2015 by the BRICS nations, namely Brazil, Russia, India, China and South Africa. The bank started expanding its membership in 2021 with Bangladesh, the United Arab Emirates, Uruguay and Egypt as new members, marking substantial progress in the bank’s membership expansion and beginning to move towards the direction of a global multilateral development bank.

The 11th World Peace Forum is being held at Tsinghua University with this year’s theme being “Stabilizing an Unstable World through Consensus and Cooperation. More than 400 delegates, including former foreign political dignitaries, diplomatic envoys from various countries in China, experts, and scholars attended the event.

Source(s): Xinhua

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

2 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

6 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

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

7 days ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews