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Situation Maldives: Surge in Numbers

Health Protection Agency of Maldives announces additional positive cases and surge in number of covid patients.
Since the government imposed the lockdown after the first known case of COVID-19 in Male’ City there has been an increase in numbers

Since the government imposed the lockdown after the first known case of COVID-19 in Male’ City. Maldives has seen a surge in the number of cases. As this is the situation in Maldives till today.

As of yet, there are 177 positive cases in Maldives while the number of cases in Male’ city alone is over 100. A number of Maldivians, Bangladeshis, Indians and Sri Lankans have been tested positive within Male’ City. With a population of approximately 539,176 people in Maldives, Male’ City is one of the most congested cities in the world. While Male’ city is under level IV red alert, public health risk alert level nationwide is at level II: yellow alert.

I want to prioritize what we do at present than discuss the future right now. Currently, we are not in a situation to lift the lockdown. This situation does not call for us to go back to our normal way of life at all.”

Health Minister Abdulla Ameen

To ensure that the people are well informed, Health Protection Agency (HPA) has been updating their website in addition to the text message updates. Moreover, HPA has introduced a Dashboard on the website with complete updates of the situation along with charts and diagrams.

With the numbers increasing each day. It has been in question whether the country’s healthcare system has the capacity to treat all the infected patients or not. The truth is, not. Public Health authorities had previously stated that the country’s healthcare system does not have the capacity to treat a large number of patients with a community spread.

To help during this difficult time, a team of 10 medical professionals from Bangladesh arrived in Maldives on 20th April 2020. In addition to that, a number of medical students studying in Nepal had volunteered to offer their services. All students arriving from Nepal would undergo the mandatory 14-day quarantine period before they assist in the healthcare facilities.

Maldives currently has 18 quarantine facilities across the country. National Emergency Operation Centre (NEOC) had announced the development of a new isolation facility in Hulhumale’ earlier this month. The facility will feature an isolation block with a 300-bed capacity, a service building, and an accommodation block for the employees.

With the situation in maldives and country’s economy smashed to the ground. Businesses are finding it a challenge to sustain their expenses and due to which a number of individuals has been unemployed. To support those who lost their jobs due to the pandemic, Economic Ministry has decided to provide a stimulus package of MVR5000 to those individuals, for a period of 03 months.

While the entire Maldives faces the global pandemic. The government has been undertaking extreme measures to ensure that the people have food and other basic necessities across the country. MNDF along with the Police have been tirelessly patrolling the streets as well as providing delivery services of goods to households. In order to solve supply issues to the islands. Maldivian Airlines has decided to commence cargo flights to all domestic airports across the Maldives.

As the holy month of Ramadan approached, the decision to ban praying at mosques were undertaken too. While this is the first Ramadan during a complete lockdown amidst a global pandemic, it is also the time to count one’s blessings and be grateful for what they have. Prayers and hope can go a long way during unprecedented times like these. Hoping for a better situation in Maldives.

Feature photo from mihaaru.
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Maldives Sets Its Sights on Becoming a Global Financial Hub with $8.8 Billion MIFC Project

MIFC Maldives Financial Hub: Boosting Economic Growth by 2030

The Maldives, long known for its breathtaking resorts and vibrant tourism industry, is now setting its sights on a new frontier: becoming a global financial hub. The Maldives International Financial Centre (MIFC) is a monumental $8.8 billion joint venture between the Maldivian government and MBS Global Investments, a Dubai-based entity backed by Qatari royal interests. This project, scheduled for completion by 2030, promises to reshape the country’s economic landscape. It aims to diversify its dependence on tourism and establish the Maldives as a major player in global finance and innovation.

A Vision for Transformation

MIFC centers on a vision to transform the Maldives into a leading financial and technology hub in the Indian Ocean. The financial free zone, spanning 780,000 square meters in Hulhumalé, will attract fintech firms, international financial institutions, and digital entrepreneurs. Its business-friendly environment offers incentives such as zero corporate tax, tax-free inheritance, no residency requirements, and guaranteed foreign ownership, positioning MIFC as a unique proposition for global investors.

This digital-first financial ecosystem will host a range of services, including offshore private banking, green finance, digital assets, and multi-currency banking. The district will also feature world-class infrastructure: high-rise towers, branded residences, luxury hotels, retail space, and a state-of-the-art convention center that will host 35,000 visitors daily. This comprehensive vision will create 16,000 new jobs and position the Maldives as a competitive player in global markets by 2040.

A Strategic Investment for Growth

MIFC is not just about infrastructure; it aims to position the Maldives as an emerging leader in the world of finance. The government has outlined ambitious economic goals, including generating over $1 billion in annual revenue within the first five years of operation. This effort seeks to reduce the country’s economic vulnerability, which currently relies heavily on tourism while facing mounting external debt.

For the Maldives, this project goes beyond business; it represents a statement of intent to diversify its economy and reduce the risks associated with its single-industry focus. By tapping into global financial networks and attracting investors from around the world, MIFC can pave the way for sustainable economic growth and long-term prosperity.

Geopolitical and Economic Implications

MBS Global Investments, backed by Qatari royalty, lends the project significant geopolitical weight. Positioned strategically between two regional giants, India and China, the Maldives aims to capitalize on its political neutrality and become a financial bridge between East and West. The proximity to major shipping lanes and key economic corridors enhances the region’s strategic importance, making MIFC not only an economic endeavor but a geopolitical one as well.

By diversifying and strengthening its economy, the Maldives hopes to attract global capital that might otherwise flow to competing projects in the region. With its focus on sustainability and cutting-edge financial technologies, MIFC positions itself as a forward-looking alternative, appealing to investors seeking stability and long-term growth.

Criticism and Controversy

However, the project has faced criticism. Opposition voices have raised concerns about the transparency of the partnership with MBS Global Investments, particularly regarding the company’s lack of verifiable financial records and audit transparency. They have also questioned the credibility of its leadership and the potential risks associated with such a large-scale venture backed by a single foreign investor.

While these concerns are valid, the scale and ambition of the MIFC project remain undeniable. The Maldives government has committed to ensuring the project adheres to global standards of governance, and its focus remains on delivering a financial center that supports innovation and economic growth.

Looking Forward

MIFC represents an exciting leap into the future of finance and innovation for the Maldives. It is a bold attempt to build a resilient, diversified economy that can thrive long after the tourism boom. As the project progresses toward its 2030 completion, it will be interesting to see how it shapes the region’s financial landscape and whether it can overcome the challenges posed by its critics. For now, the Maldives is positioning itself as a key player in the rapidly evolving global financial scene, and MIFC could become the catalyst for a new era of growth and prosperity.

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