President Dr Mohamed Muizzu has announced that the Government disbursed MVR 6.3 billion to local businesses over the past year for services rendered, underscoring the Administration’s commitment to strengthening the private sector and sustaining economic momentum. The statement was delivered during the Presidential Address at the first sitting of the first session of the 20th People’s Majlis for 2026, where the President outlined a broad range of fiscal, regulatory, and digital reforms aimed at improving the operating environment for businesses across the Maldives.
Addressing longstanding payment challenges faced by small and medium-sized enterprises, the President noted that MVR 882 million had been channelled to State-Owned Enterprises to settle accumulated legacy bills, while an additional MVR 1 billion was directly paid by the Government to clear outstanding debts of these entities. These interventions are expected to ease cash flow constraints, enhance financial stability, and rebuild confidence among local suppliers and service providers.
Further measures to improve trade facilitation and reduce operational costs were also announced. The airport clearance period for imports has been extended from 80 hours to 124 hours, offering greater flexibility to importers. Demurrage fees have been waived, and storage periods at Malé and Hulhumalé Ports have been increased from five days to ten days, providing tangible relief to businesses reliant on timely logistics and warehousing. In addition, registration fees for small and medium-sized cafés and restaurants will be halved for the next two years, and from March 2026, companies employing fewer than 20 expatriate staff will be exempted from annual quota fees.
Recognising the growing importance of digital commerce, the President highlighted the lack of a secure online payment system as a key constraint for businesses and confirmed that steps are underway to facilitate the introduction of PayPal in the Maldives. Complementing this effort, the Bank of Maldives has launched “Swipe,” a fully Maldivian-developed multi-currency digital wallet, expanding digital payment options for consumers and merchants alike. The President also noted that a recently signed agreement with Alibaba will enable Maldivian businesses to reach wider international markets, with 400 vendors affiliated with Authentic Maldives already provided a dedicated platform on the global e-commerce marketplace.
The Presidential Address further outlined targeted financing facilities designed to stimulate entrepreneurship and investment, particularly within the tourism sector. The “Thijara Rashu Fathuru” scheme has been established to support enterprises engaged in local tourism, encouraging the development of guesthouses, excursions, and community-based tourism services that enhance the visitor experience. Additionally, a Vessel Financing facility of MVR 500,000 has been introduced to address financing gaps for businesses operating marine vessels, an essential component of the Maldives’ tourism and transport ecosystem. Similar financing facilities of MVR 500,000 have also been secured for content creators and film producers, supporting the growth of creative industries that contribute to destination marketing and cultural promotion.
Collectively, these initiatives signal a comprehensive approach to building a resilient, digitally enabled, and globally connected business environment. For international investors and partners, the Maldives continues to demonstrate a clear focus on private sector development, tourism-led growth, and inclusive economic opportunities, positioning the country as an increasingly attractive destination for sustainable business and investment.
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