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Situation Maldives: Hopeful in Overcoming the Pandemic

A doctor from HPA Maldives in a press conference speaking to the media updating about Situation Maldives
It has been more than a month since the capital of Maldives, Male’ City was placed under a full lockdown. Situation of Maldives

It has been more than a month since the capital of Maldives, Male’ City was placed under a full lockdown. The island nation further extended the lockdown to 28th of May 2020, bracing for a potential surge during the period looking at the situation of maldives.

Within the week, the number of infected cases in Maldives reached to 1094 cases while 04 has died from the virus. Positive cases have also been recorded in other parts of Maldives including Sh. Narudhoo, H. A. Thakandhoo, N. Manadhoo, Sh. Milandhoo, H. A. Uligan, K. Himmafushi, and K. Thulusdhoo. However, the country has seen more recoveries, recording 59 individuals’ recoveries from COVID-19.

Majority of the infected being foreign nationals working in Maldives, several repatriation initiatives have been taken to support individuals wishing to return home. On 16th May 2020, the government of Maldives chartered a BIMAN Bangladesh Airline’s flight to help repatriate 353 Bangladeshis stranded in Maldives. Additional 70 Bangladeshis were repatriated on the following day through a Bangladesh Airforce flight. In addition to that, Maldivian Airlines has been operating rescue flights in aid of Maldivian nationals stranded abroad. This includes the repatriation of 234 Maldivians stranded across 16 cities in India on 11th May 2020.

The government of Bangladesh has been extending their generosity in aiding Maldives during this unprecedented time. On 16th May 2020, a second Bangladesh Air Force flight arrived in Maldives with 7000 kgs of food, medical equipment and medicine.

On behalf of the President of Maldives HE Ibrahim Mohamed Solih, and the people of the Maldives, I would like to thank the Prime Minister of Bangladesh Sheikh Hasina, Foreign Minister Dr. A K Abdul Momen, the Government and the people of Bangladesh for this gesture of goodwill and generosity. It is a manifest reflection of the close friendship and the significant historic bonds that exist between our two brotherly nations.”

Press Statement by Abdulla Shahid, Minister of Foreign Affairs, Maldives

With more than 1300 individuals currently in quarantine facilities, health authorities have been strengthening the precautionary measures to contain the virus. Given the current situation, the authorities had projected a significant surge in the number of infected cases by the end of May 2020. Due to which, the Director General took the decision to further extended the lockdown in order to ensure public safety.

Health Minister Abdulla Ameen had stated that the lockdown in greater Male’ area cannot be lifted just yet and that he did not believe it could be lifted in the near future. Health professionals warned that Maldives could reach 77,000 cases by the end of May, urging the public to adhere to their advice and implement social distancing even at homes.

The government of Maldives has been supporting the public in several ways in this situation, including granting financial aid and loans to those affected by the pandemic. The government introduced an ‘Income Support Allowance’ and revealed on 13th May 2020 the eligibility criteria for the scheme. Under the scheme, government will grant an allowance up to MVR 5000 to individuals who were dismissed or suspended from employment, those on leave without pay, those facing salary deductions, and freelancers.

The entire world has been battling COVID-19 for months and has seen the despairing impact of the virus on daily lives.

Despite the past challenging months, a number of countries has slowly started easing travel restrictions while several grounded airlines have picked up travel. Plenty of hotels and resorts have started preparing to reopen under strict conditions and safety standards in place.

The Italian government also announced the plans to reopen their borders on 03rd June 2020. This would benefit the Maldivian tourism industry once the borders reopen in the island nation as Italy is a large part of the tourist arrivals in Maldives. However hopeful tomorrow seems, it is no doubt that the post COVID-19 world would be much different from what was known to everyone.

Looking at the changing situations across the world, Maldives is hopeful in overcoming the situation and resuming living normal lives.

Feature image by raajje
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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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