AGP Executive Report
Last update: 6 hours agoThilamalé Bridge Progress: President Mohamed Muizzu and Indian High Commissioner G. Balasubramanian inspected the Greater Malé Connectivity Project, with the Thilamalé Bridge hailed as a major milestone in Maldives-India ties and an example of faster delivery of flagship infrastructure. Powering Local Skills: STELCO marked Engineers’ Day saying its all-Maldivian engineers are a source of pride, supported by extensive training and 24/7 service capability. Forex Policy Pushback: Vice President Hussain Mohamed Latheef defended the plan to require resorts to convert 40% of dollar earnings as a public-interest move to ease dollar shortages, while opposition leader Mohamed Nasheed warned it could bankrupt resorts and damage jobs. Tourism Tax Rules: Parliament approved extending Tourism Goods and Services Tax obligations to overseas booking platforms and offshore tour sellers, with liability based on where services are supplied in the Maldives. Insurance Overhaul: The Maldives Monetary Authority published new insurance regulations under the Insurance Act, including a required MVR 2 million security deposit for insurers. Port Procurement: Maldives Ports Limited invited bids for facilities for the Thilafushi Port Development Project, with applications closing 10 September. Fisheries Pricing: MIFCO raised skipjack tuna purchase prices to MVR 21/kg, effective immediately, to support fishermen and align with market conditions. Pension Clarity: The Maldives Pension Administration Office clarified that pension contributions must be paid in rufiyaa even when salaries are paid in US dollars.
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