Minister of Arts, Culture and Heritage Adam Naseer Ibrahim has said that it is very important to pass on Maldivian heritage to future generations in order to move the nation forward between states of safety and danger.

The Minister said this in his welcome and thank you speech at the official ceremony held at the Islamic Center’s conference hall to mark Hura’a Day. The Minister said that a nation’s life exists between danger and safety. Therefore, to move forward safely between these two states, the intellectual development we need to undergo and the openness we need to have towards the times play an important role. As such, the Minister said that with the intellectual development that Maldivians need to undergo, Maldivian thinking also needs to develop in line with the changes of the times.

The Minister noted that the effort made by Maldivians to save the Maldivian nation from the hands of the Malabaris without joining any foreign party for the sake of the Maldivian nation’s safety demonstrates the extent of love for the country. The Minister has highlighted that Maldivians regained their independence through a sudden attack planned in secrecy with a unified mindset, and that the national interest prioritized by Maldivians in that situation, the care and trustworthiness maintained for the nation’s safety, are things that need to be noted on such a day.

President Dr Mohamed Muizzu held discussions with fishermen this morning at the President’s Office.

During the meeting, members from the fishing community raised several concerns with the President, including their requests for improvements in the fishing industry. Key issues discussed included low fish prices, difficulties in obtaining fuel and financing, and challenges in offloading fish. Additionally, they requested to continue work on developing the fishing industry in accordance with the President’s pledges.

In addition to raising concerns, the fishermen also proposed ideas on advancing the fishing industry using modern technology. They engaged in detailed discussions about ways to expand the fishing market and improve fish quality.

Speaking at the meeting, the President assured that the Government will work closely with the fishing community to resolve their concerns. He stated that he would take the issues raised during the meeting into serious consideration and prompt action on them. President Dr Muizzu also stated that he would work on holding such meetings more frequently.

President Dr. Mohamed Muizzu has today ratified the National Fiscal Responsibility Bill.

This bill was passed by Parliament during the 55th sitting of the 20th Majlis held on Wednesday, 27 November 2024.

The Government proposed the National Fiscal Responsibility Bill to establish a robust framework for implementing feasible fiscal standards. The law aims to ensure all state fiscal operations are sustainable, transparent, and accountable, fostering fiscal discipline in line with legal and regulatory obligations.

Under the new law, the Government is permitted to borrow from the Central Bank to manage cash flow, provided such borrowing does not exceed 2.5% of the average revenue collected over the preceding three years.

The law requires the Minister of Finance to formulate and submit a Fiscal Responsibility Charter, Fiscal Strategy Statement, Budget Statement, and Risk Statement to the Parliament. Additionally, the first Fiscal Responsibility Charter formulated under this new law, must be published in the Government Gazette within six months of the law’s ratification.

Additionally, Auditor General is also tasked with preparing reports on the Government’s implementation of the law’s provisions, which will be presented to Parliament. Parliament, in turn, is responsible for conducting a fiscal impact analysis, assessing government performance, and providing recommendations to government based on its findings.

Following the President’s ratification, the National Fiscal Responsibility Bill has been published in the Government Gazette and will take effect six months from the date of ratification and publication.

With the enactment of the new law, the current Fiscal Responsibility Act (Law no. 7/2013) is nullified.

The Ministry of Finance has stated that they will acknowledge and take steps to improve on the issues highlighted by the international credit rating agency Moody’s regarding the Maldives’ financial situation.

In light of the financial reform measures taken by the current government in recent days, Moody’s has maintained the Maldives’ credit rating, acknowledging these measures. Moody’s has given a Caa2 rating. In a statement released today, Moody’s highlighted the significant steps taken to strengthen the country’s financial situation as key factors in maintaining the credit rating. The statement noted that new foreign exchange regulations introduced by the central bank, Maldives Monetary Authority (MMA), and tax reforms implemented by the government are likely to increase foreign exchange reserves.

Moody’s has stated that foreign currency constraints are expected to persist, given the significant external debt servicing requirements over the next 12-18 months. In response, the Finance Ministry released a statement tonight saying that they acknowledge the issues highlighted by Moody’s and assure that the government will take steps to address these issues.

The Ministry also stated that under the government’s economic reform agenda, the economy is expected to expand and the financial situation will improve. They also mentioned that recent changes to foreign exchange regulations are expected to increase foreign currency circulation within the banking system and improve net international reserves. Additionally, the Ministry predicted that foreign currency liquidity will improve with the increase in departure tax and airport development fees.

Moody’s statement also highlighted that the Maldives has achieved success in securing foreign currency financing in recent months. The establishment of a currency swap agreement with India in September 2024, amounting to 400 million US dollars and 30 billion Indian rupees, was cited as an important step in improving the Maldives’ financial situation.

Furthermore, Moody’s projected that foreign exchange reserves would increase with the implementation of the government’s tax rate changes.

President Dr. Mohamed Muizzu has today ratified the Public Debt Bill. This bill was passed by the People’s Majlis in its 55th session of the third term of this year, held on Wednesday, November 27, 2024.

One of the main objectives of this law is to empower the government to bpower the government to borrow on behalf of the state, both domestically and internationally, in the most cost-effective manner while considering debt risks, to meet various state needs. The bill stipulates that state borrowing, maintenance, and management will be done considering the impact on the country’s economy and future generations, and in a way that sustains the country’s economic self-sufficiency, fiscal system, and financial system in the long term. The bill also outlines the formulation of a medium-term debt strategy for the state and the principles for implementing this strategy, as well as defining the debt instruments that can be used by the state.

Under this bill, a “Debt Management Department” will be established within the Ministry of Finance within 6 months of the law coming into effect. This department will take over all responsibilities, resources, and obligations of the current “Debt Management Department” of the Ministry.

Following the President’s ratification, this law has been published in the Government Gazette today. The law will come into effect 6 months after its passing, ratification, and publication in the Government Gazette.

The international credit rating agency Moody’s has maintained the Maldives’ credit rating at Caa2. In a statement released today, Moody’s highlighted key factors considered in maintaining the credit rating, including significant steps taken to strengthen the country’s financial situation. The statement noted that new foreign exchange regulations introduced by the central bank, Maldives Monetary Authority (MMA), and tax reforms implemented by the government are likely to increase foreign exchange reserves.

Moody’s statement also highlighted that the Maldives has achieved success in securing foreign currency financing in recent months. In this regard, the establishment of a currency swap agreement with India in September 2024, amounting to 400 million US dollars and 30 billion Indian rupees, was cited as an important step in improving the Maldives’ financial situation.

Furthermore, Moody’s projected that foreign exchange reserves would increase with the implementation of the government’s tax rate changes. However, the agency also noted that foreign currency constraints are expected to persist, given the significant external debt servicing requirements over the next 12-18 months.

Moody’s further stated that maintaining or improving the current credit rating in the coming days will depend on the Maldivian government’s ability to secure foreign currency financing and successfully implement the fiscal reforms outlined in the 2025 budget approved by the People’s Majlis (Parliament).

Member of Parliament for Baarah Constituency, Ibrahim Shujau, has stated that the previous government never even considered making the Attorney General’s Office an independent institution. Speaking during the debate on the Attorney General’s Office Bill, which aims to separate the office from the Civil Service and establish it as a separate service, Shujau expressed concern that previous governments had not even thought about creating a law to run such an important foundational institution independently.

Shujau said that President Dr. Mohamed Muizzu’s submission of such an important bill demonstrates his robust policy in the interest of the state and its people. He added that this is a perfect decision that symbolizes love for the citizens. He also noted that in 1950, the Attorney General’s Office was established as an independent office, required to be present only in criminal and political cases during the investigative stage.

“However, I want to highlight today that the absence of this in any law is the reason why such a law is important. The Attorney General’s Office was officially renamed from Bandaranaib’s Office in 1960. From that point on, official matters began to be carried out as per the amendments brought in Chapter One of that law,” Shujau said.

Shujau stated that one of the functions of the Attorney General’s Office is to draft laws on behalf of the state, provide advice to state institutions, and prosecute cases related to the state. He added that this bill also details how these functions will be carried out.

The Health Protection Agency (HPA) has issued safety guidelines in response to air pollution in the Maldives. HPA has provided these instructions as air pollution from northern India has begun to affect the Maldives.

A post by the Faculty of Engineering, Science and Technology stated that the air quality in the Maldives region has started to reach unhealthy levels this week. As a result, HPA has released public health advice regarding air quality.

Precautions to take during times of poor air quality:

* People with respiratory diseases, heart conditions, and allergies should avoid spending long periods outdoors.
* Wear protective masks when going outside is necessary.
* Children, elderly people, and pregnant women should limit their time outdoors.
* Keep infants indoors.
* Keep house doors closed.
* Postpone outdoor sports and activities.

The Managing Director of STELCO, Hussain Fahmy, has stated that there are 50 employees with special needs working at STELCO, and that this is a matter of pride. On the occasion of the International Day of Persons with Disabilities, STELCO’s Managing Director Hussain Fahmy said that it is a source of pride that 50 employees with various disabilities are working diligently at STELCO, without any difference from other employees.

“The employees with disabilities working at STELCO are proving to this society that if given the opportunity without discrimination, everyone can fully contribute to the work environment and society,” said Fahmy.

President Dr. Mohamed Muizzu has stated that the United Arab Emirates (UAE) is an important partner in the development of the Maldives. The President made this statement in a congratulatory message sent to the UAE President, Sheikh Mohamed bin Zayed Al Nahyan, and Vice President Sheikh Mohammed bin Rashid Al Maktoum on the occasion of the UAE’s National Day.

In separate messages sent to both leaders, the President highlighted the long-standing friendship between the two countries. He also stated that the UAE is an important partner in the development of the Maldives and that the Maldives prioritizes further strengthening this relationship. The UAE has previously assured its readiness to assist the Maldives in any area where help can be provided.