Business

Fishermen were not paid despite increase in fish purchase price: Shiyam

Published

3 months ago

12/02/2024

Minister of Fisheries and Ocean Resources Minister Shiyam has stated that the previous administration had raised the fish purchase price from USD1.1 per kg to USD1.6 per kg, but fishermen were not paid at that rate by the end of the term. He made the statement in response to queries from parliamentarians regarding the recent change of the purchase price from USD1.6 per kg to USD1.3 per kg.

Speaking at the Parliament, Minister Shiyam said that the previous government’s decision to raise the fish purchase price to USD1.6 per kg, just before the second round of the presidential election held in 2023, lacked proper research and was driven by political motives. Therefore, he emphasised the substantial financial burden borne by the state. He also revealed that while last year’s budget allocated USD16 million as subsidy, the figure doubled to USD32 million due to the altered fish purchase prices.

Additionally, Minister Shiyam highlighted that upon President Dr. Mohamed Muizzu assuming office, there was a pending payment of USD16 million to fishermen. Currently, he said that USD27 million has been disbursed, leaving USD18 million outstanding. He also assured that efforts are underway to expedite payment within 48 hours, as promised by the President, responding to the urgent demand from fishermen.

Furthermore, Minister Shiyam conveyed the government’s commitment to clearing the existing payment backlog and ensuring timely disbursement starting from March. He underscored the upcoming elections and emphasised the decision to lower fish purchase prices as indicative of President Dr. Muizzu’s goodwill. He also said that the measure is aimed to safeguard the Maldives Industrial Fisheries Company Limited (MIFCO) from bankruptcy, ultimately benefiting fishermen.

Source(s): PsmNews

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

20 hours 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

5 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

6 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