Author: Minivan News

Imports up by 22 percent in 2014, exports down by 12 percent

Imports rose by 22 percent in 2014, while exports dropped by 12 percent, the Maldives Customs Service has revealed.

According to a statement from customs today, imported goods in 2014 amounted to MVR30.7 billion (US$1.99 billion), resulting in duties of MVR1.96 billion – a 15 percent rise compared to 2013.

The decline in exports saw the total value of goods leaving the Maldives in 2014 valued at MVR2.24 billion, compared with MVR2.56 billion in 2013.

The latest balance of payments figures from the Maldives Monetary Authority show the current account deficit was US$290 million in 2014 – equivalent to 10 percent of GDP, though the central bank estimates that this will drop to 6 percent of GDP in 2015.

Recent amendments to the Import Export Act – part of a raft of revenue raising measures – are expected to raise MVR533 million (US$34.5 million) in additional income in 2015.

Customs revealed today that petroleum products had contributed the most to last year’s imports, totaling MVR8.3 billion – or 27 percent of the total. Food items comprised 19 percent of the year’s imports while 16 percent was machinery and electronic items, totalling to MVR6 billion and MVR4.8 billion respectively.

The customs third quarterly review for 2014 suggested that the rise in machinery and electronics was largely responsible for the period being the most costly in terms of imports in the past five years.

It was also noted that 65 percent of the goods imported during quarter were sourced the UAE, Singapore, Malaysia, India, and Sri Lanka. These countries made up 62 percent of total imports in 2013.

The export of tuna products to Thailand dominates the Maldives’ exports – constituting 44 percent in the quarter, having received 37 percent of exports in 2013.

An IMF delegation to the Maldives late last year noted that, though the economy is “relatively buoyant”, the widening fiscal deficit as a result of high public expenditure and debt needed to be addressed.

Revisions to estimates of the current account deficit had indicated greater stability in the economy than previously thought, explained the IMF. Previous MMA estimates of the 2014 trade gap suggested it could equal 22 percent of GDP.

During the IMF’s last visit to the country in February this year, the delegation expressed surprise at the resilience of the economy, admitting that it was still studying how the domestic economy has remained afloat in the face of soaring public debt and persistent budget deficits.


Related to this story

Parliament approves import duty hikes

Maldives economy “relatively buoyant” but fiscal imbalances continue to grow: IMF

Majority of dollar receipts spent on imports: MMA assistant governor

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Police arrest 9 individuals on drug possession charges in 48 hours

Police have detained nine individuals on suspicion of possessing illegal narcotics within the past 48 hours.

Three men were arrested on Monday (January 12) – two in Hulhumalé and one in Dhaalu Meedhoo, a further two men were taken in on Tuesday in Kudahuvadhoo and Villimalé, while four more were apprehended in Malé and Haa Alif Hoarafushi – two from each island.

All but one of the men, a Bangladeshi, were Maldivian and two – one from Hulhumalé and one from Hoarafushi – were minors.

A total of 74 packets thought to contain illegal substances were confiscated during the police’s investigations.

Last year saw the number of drug-related crimes reported to police fall by 20 percent, while home minister Umar Naseer has pledged to prioritise the fight against drug dealers, who he has noted have attempted to infiltrate police ranks.

After visiting the Netherlands in June to finalise arrangements for a dog squad to assist in the police’s anti-drug operations, the dogs are expected to be used in operations in the Maldives after having been trained in Sri Lanka.

Home affairs officials told media yesterday the kennels for the Faara Gema team of 16 dogs – based on the airport island of Hulhulé – were due to be finished next month.

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Maldivian airlines to upgrade fleet

Maldives’ national carrier Maldivian has announced it will be expanding its operational fleet, with an Airbus A-321 due to arrive sometime this month, reports local media.

Speaking to Vaguthu, an official from the national carrier said that the new airliner will start its journey towards the Maldives on January 19, from Spain, adding that the plane will be able to make the journey in one day.

The official said that the Airbus will be capable of carrying 200 passengers and that the flight will be operated by Maldivian pilots and engineers.

The airplane will start operating flights into three new Chinese cities starting from next month, with the flight being projected to bring around 1000 tourists every week.

Source: Vaguthu

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Commissioner of Police for Western Australia pays visit to the Maldives

Commissioner of Police for Western Australia Karl O’Callaghan is conducting an unofficial visit to the Maldives.

A police press statement released yesterday (January 12) said O’Callaghan was received at the airport by Deputy Police Commissioner Mohamed Sadhiq and former Deputy Police Commissioner (Rtd) Ibrahim Latheef – who also served as a special consultant at Western Australia Police.

Though O’Callaghan is on an unofficial visit, he is scheduled to meet the Commissioner of Police Hussein Waheed and other executive officers explained the statement.

In addition, O’Callaghan is also scheduled to meet top government officials and also participate in a special forum where he will meet with all employees working with the police.

In August last year, a scholarship opportunity from University of Western Sydney (UWS) was unveiled for promising Maldivian police officers to participate in a three-year doctoral research course which would enable candidates to increase the capacity of the Maldivian police.

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MIRA publishes new tax ruling

The Maldives Inland Revenue Authority (MIRA) has published new regulations regarding the appointment of auditors assigned with the task of preparing financial statements submitted by taxpayers.

According to a tax ruling issued by MIRA on yesterday (January 12), when a taxpayer’s tax categorisation changes the same auditor can proceed with preparing financial statements after obtaining a special permission from the commissioner general of taxation.

The new ruling also states that audit firms can only be established after registering as a ‘partnership’ under the Company Act and obligates auditors to generate a report by March 31 of each year, according to a format provided by MIRA on the previous year’s audits.

This legally binding ruling signed by  Commissioner General of Taxation Yazeed Mohamed will supersede all previous tax rulings.

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Housing units from Gaza fund to be completed by end of January: Red Crescent

The Maldives Red Crescent has revealed that the housing units built in Gaza using the money collected in the Maldives through the Gaza fund will be completed by the end of January, reports local media.

CNM reported that the houses built by the Red Crescent are to home 100 families, and that they are being built near the rubble of houses destroyed during last year’s conflict with Israel.

US$1.9 million was collected from the Maldives for the Gaza fund through donation boxes set out across the islands as well as the proceeds of a media telethon.

CNM also reported that the funds have allowed for the purchase of medicine from Jordan, which has been handed over to Jordan’s Haashimee Charitable Association to be transferred to Gaza.

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MTCC to purchase US$36 million dredger

The Maldives Transport and Contracting Company (MTCC) has revealed plans to purchase a US$36 million land reclamation dredger, reports local media.

According to Vnews, the purchase of the dredger would make it the biggest and most expensive to be operated locally in the Maldives.

MTCC CEO Ibrahim Abdul Razzaq told Vnews that the dredger is a ‘hopper suction dredger’, which would be capable of reclaiming one hectare in just two days.

“This is an investment to ease the land reclamation projects done in the Maldives,” said Ibrahim. “We are currently talking with Holland’s IHC Company regarding the purchase, the dredger will be designed to be suitable for Maldives.”

Source: Vnews

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MMA announces shortlisted proposals for new rufiyya note designs

The Maldives Monetary Authority (MMA) has announced the shortlisted candidates in a competition to design the new Maldivian currency notes.

Proposal for the new notes to be released on the occasion of the 50th Anniversary of Maldivian independence were evaluated by an advisory committee of 13 members comprising of representatives from various technical fields including history, art, language, and economics.

The shortlisted candidates will present their proposal to the advisory committee on January 17, with the three best presentations given the opportunity to design the six notes to go into general circulation and the memorial note for 50 years of independence.

The MMA board of directors will make the final decision on which designs will be printed after considering the evaluation of the advisory committee.

After initially inviting designs for notes in September, the MMA extended the November 30 deadline for one month after concluding that the 60 submitted designs were all unsuitable for bank notes.

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Police tow 111 illegally parked vehicles in one day

The Maldives Police Service (MPS) has towed 111 illegally parked vehicles on Saturday (January 11).

A police media official told Minivan News that the 111 vehicles towed included 56 two wheeled vehicles and 55 four wheeled vehicles.

“Of the 54 two wheeled vehicles, 21 vehicles did not have the number plates, while 16 of the confiscated four wheeled vehicles did not have number plates,” said the official.

According to the police, all of the vehicles without a number plate would be transferred to Thilafushi Island and sold as scrap metal.

“If the vehicle owners wish the vehicles to be returned back to them, they have to present adequate documentation to prove ownership and pay all fines which are due,” said the media official. “The vehicles to be taken to Thilafushi will remain in Malé for a period of time for owners to claim them.”

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