Maldives Gateway Consulting

Maldives Public Finance Update: November 2024

Maldives Wins World Travel Award’s World Leading Destination. https://lnkd.in/eWcEXgbs

A Review of the Maldivian Constitutional Anti-Defection Clause In a landmark move, the People’s Majlis of the Maldives has?approved?a series of constitutional amendments, among which the inclusion of an Anti-Defection clause has generated significant debate. This development is poised to reshape the nation's political and governance framework, underscoring the government's effort to ensure party loyalty and address concerns of political instability. This report discusses the political and constitutional implications of Anti-Defection clause. https://lnkd.in/evJwb2ey

Maldivian People's Majilis Approves Constitutional Amendments: In a significant development, the People's Majilis has approved constitutional amendments that could reshape the political and governance landscape of the nation. The amendments aim to address party loyalty among Members of Parliament and introduce broader governance reforms. https://lnkd.in/eHPRnNwr

India Activates Vladivostok-Chennai Shipping Route to Boost Trade: Following the escalation of the war in Ukraine, India has capitalized on increased trade in fuel, particularly with Russia, which has seen a surge in the supply of discounted oil and natural gas. Following this success, India has officially launched the Vladivostok-Chennai maritime shipping route, aiming to strengthen trade ties between India and Russia. Shipping, and Waterways, the route has already begun to gain traction among exporters. In addition, plans are underway to expand this corridor by connecting two more eastern ports—Paradip and Vizag—making the route more accessible for exporters. https://lnkd.in/e5xS3pTS

In a landmark moment for South Asian trade, the first direct cargo vessel from Pakistan to Bangladesh in decades successfully docked at Chittagong Port on November 11, marking a new chapter in regional connectivity. The Panama-flagged container ship Yuan Xiang Fa Zhan transported goods from Karachi to Chittagong, bypassing traditional transshipment routes through third countries like Sri Lanka, Malaysia, or Singapore. https://lnkd.in/eQmxTXaS

India’s Trade Deficit with China Widens India's merchandise trade deficit with China has surged by 13% during the first seven months of the fiscal year 2024-25 (April-October), despite efforts by the government to curb reliance on Chinese imports and impose restrictions on specific products.?The trade deficit reached $57.83 billion during this period, up from $51.12 billion a year ago. In October alone, the deficit stood at $8.46 billion, compared to $8.27 billion in the same month last year.? https://lnkd.in/eApGH8aM

Maldives Inland Revenue Authority Revises Rules for Tax Recovery and Disclosure https://lnkd.in/epjuF9Tk

Resort Owners Lobbying Against MMA's New Rule MMA Regulation - The regulation issued by MMA states that resorts, integrated resorts, tourist vessels, resort hotels, and city hotels must convert $500 per tourist visiting these establishments. For guesthouses with fewer than 50 beds, $25 must be converted per tourist. The regulation also specifies that this money must be converted by the 28th day of the third month following the end of the month in which the tourists arrived, after calculating the number of tourists who came that month. The regulation also includes exceptions that can be considered if resorts have loans, to avoid difficulties for the resorts. MMA announced plans to implement a new foreign exchange regulation on October 2024, in a move towards increasing the flow of dollars in the Maldivian economy. https://lnkd.in/eKBg6zvv

What is?Zero Carbon Island Initiative? The?Zero Carbon Island Initiative?is a visionary concept aimed at transforming islands, particularly SIDS, into self-sustaining, carbon-neutral territories. This initiative focuses on reducing or completely eliminating carbon emissions, primarily by leveraging renewable energy sources, enhancing energy efficiency, and adopting sustainable practices across key sectors such as transportation, waste management, and agriculture. https://lnkd.in/e_w4bdgG