AGP Executive Report

Heat and Jobs: ILO studies warn that heat stress could cost the Maldives the equivalent of 2,400 full-time jobs and US$576 million in annual GDP by 2040, even under a low-emissions scenario. Services and construction face the greatest pressure. Road Safety: Police say accidents fell 36% in Hulhumalé after stepped-up enforcement, from 117 to 74 in a 20-day comparison. Economic Outlook: The government projects 2027 growth of 3.9% to 6.8%, after downgrading this year’s forecast to 0.6%–1.8%. The budget targets up to 2.5 million tourist arrivals and 14.5 million bed nights next year. Healthcare: President Mohamed Muizzu plans to merge government tertiary hospitals under a new national group, while a separate agreement will establish an oncology diagnostic centre at Hulhumalé Hospital. Climate Finance: Maldives Finance and Leasing Company’s Green Climate Fund accreditation could help tourism businesses finance cleaner operations and climate resilience.

Economic Outlook: The proposed 2027 budget forecasts growth of 3.9% to 6.8%, after the 2026 estimate was cut to 0.6%–1.8%. It targets reserves of US$907 million next year. Tourism: The government aims for 2.5 million visitors and 14.5 million bed nights in 2027, banking on Visit Maldives Year to boost arrivals, especially in the off-season. Healthcare: Plans to merge government tertiary hospitals into one group are aimed at cutting costs and improving services. A new Hulhumalé Hospital oncology centre is also planned to bring more cancer diagnosis and treatment home. Climate: MFLC’s accreditation to the Green Climate Fund could help tourism businesses finance cleaner, more climate-resilient operations. An ILO study warns heat stress could cost the Maldives 2,400 jobs and US$575 million in annual GDP by 2040, even under a low-emissions pathway. Governance: President Muizzu says the Eagle Hills agreement for the Rasmale’ project will go to a parliamentary committee, amid calls for transparency. Foreign Relations: The Maldives and Pakistan signed 20 agreements during Muizzu’s visit and set a goal of raising trade to US$200 million within two years.

Health: President Muizzu says the Malé City Group of Hospitals will be replaced by a single national tertiary-hospital group to reduce costs and improve coordination. Separately, a new oncology diagnostic centre is planned at Hulhumalé Hospital, potentially reducing the need for patients to travel abroad. 2027 Budget: The proposed MVR59.7 billion budget targets completion of 70% of projects already handed over, up to 2.5 million tourist arrivals and 14.5 million bed nights. The government also aims to raise national reserves by USD 100 million. Climate & Tourism: Maldives Finance and Leasing Company has become the country’s first national entity accredited for direct access to the Green Climate Fund, opening a route to finance cleaner, more climate-resilient tourism operations. Rasmale’ & Media: Muizzu says the Eagle Hills agreement will go to a parliamentary committee and a related bill will be opened for public comment. Media commission chair Mohamed Farushath has resigned, citing obstacles to treating outlets fairly. Trade: State fisheries company MIFCO signed an agreement to explore exports of frozen Maldivian fish to China.

Investment and Trade: President Mohamed Muizzu says the Eagle Hills agreement for the Rasmale’ project will go to a parliamentary committee, with a related bill opened for public comment. At a China-Maldives investment forum, he also pledged support for responsible foreign investment; MIFCO signed an MoU to explore exporting frozen fish to China. Media Freedom: Media commission chair Mohamed Farushath resigned, citing barriers to fair treatment of outlets. The journalists’ association has asked police to investigate online attacks targeting journalists and assess their safety. Public Health: Haze is expected to persist through the weekend, with unhealthy air readings across northern and central atolls. Infrastructure: Maldives Ports Limited has begun shifting commercial port operations from Malé to Thilafushi, with full relocation targeted for November next year. Environment: A study presented to Parliament found no lagoon ecosystems are protected under internationally recognised marine conservation categories, raising concerns for fisheries and reef resilience.

Media: Media and Broadcasting Commission chair Mohamed Farushath has resigned, saying he could not ensure fair conditions for all outlets. His departure comes as the government considers widening eligibility for media financial support. Investment: President Mohamed Muizzu told a China-Maldives forum that investment should create jobs, skills and industries, as the country pursues its Vision 2040 development goals. Public Health: Air quality reached unhealthy levels in northern Maldives, with readings of 158–165; health professionals advise vulnerable people to limit time outdoors. Infrastructure: Malé port operations are beginning to shift to Thilafushi, where a new USD 250 million facility is planned to ease congestion and expand cargo capacity. Tax Policy: Parliament is reviewing a bill to repeal the 17% tax on overseas travel agents and booking platforms, a reversal that could cost the government an estimated MVR 1.61 billion. Legislation: A Penal Code amendment proposing genocide and economic sabotage offences was dropped from the parliamentary agenda for a second day, amid public concerns it could restrict criticism of the Rasmale’ project.

Public Health: Air quality reached unhealthy levels across much of the Maldives, with northern atolls recording red-alert readings; people with heart or respiratory conditions are advised to limit time outdoors. Port Relocation: Maldives Ports Limited has begun shifting container-clearing services from Malé to Thilafushi, the first step in a $250 million project intended to ease congestion and speed cargo handling. Food Safety: The MFDA will inspect registered home-based food producers from November 5 to 20 to check compliance with hygiene standards. Parliament: A bill proposing genocide and economic-sabotage offences has been removed from the sitting agenda twice, amid concerns it could affect criticism of the Rasmale’ project. Tourism Taxes: Parliament has advanced a bill to repeal the 17% tax on overseas travel agents and booking platforms; the reversal could cost the government about MVR 1.61 billion in expected revenue. Energy and Trade: Minesto and Morteza Capital will explore tidal power projects to reduce reliance on imported diesel. Separately, Pakistan business leaders have urged direct cargo links and easier banking as the two countries pursue a $200 million trade target.

Anti-Corruption: Maldives Anti-Corruption Commission chief Adam Shamil met Azerbaijan’s prosecutor general in Baku to discuss cooperation against corruption. Rasmale’ Debate: The MDP has called an emergency meeting for November 1 to decide its position on the proposed USD 20 billion development project, which has drawn scrutiny over land and lease terms. Genocide Bill: A bill to criminalize genocide and economic sabotage was removed from Parliament’s agenda after being scheduled for debate; the reason was not immediately clear. Energy: Minesto and Morteza Capital signed an MoU to pursue tidal power projects, offering a possible renewable alternative to the Maldives’ diesel-dependent electricity generation. Healthcare: Parliament’s Public Accounts Committee has launched a wider review of state health insurance, including Aasandha, amid concerns about costs and unequal coverage. Security: A parliamentary committee voted to summon senior defense, police and customs officials over oil tankers that entered Maldivian waters illegally. Tourism: Parliament accepted a bill to repeal the recently introduced tax on overseas tour operators, following industry objections.

Health Reform: Parliament’s Public Accounts Committee has begun a broad review of Aasandha and other state health insurance schemes after a petition challenged lawmakers’ special coverage. Security Oversight: MPs unanimously voted to summon senior defence, police and customs officials over oil tankers that entered illegally and the Funadhoo fire. Legal Changes: A government-backed bill would criminalize genocide, treason and acts threatening economic security; the Attorney General says the genocide provisions meet treaty obligations, while critics have raised concerns about possible limits on dissent. Tourism & Business: Parliament is considering repealing the tourism tax on foreign booking platforms after industry pushback. MIRA has also revised deadlines for tourism businesses to integrate with its Green Information System. Foreign Policy: Muizzu’s Pakistan visit produced 20 agreements, including on defence and maritime security, with both sides targeting $200 million in trade within two years. Meanwhile, Parliament rejected an opposition bid to disclose terms of the proposed Rasmale’ development deal. Tourism Links: National airline Maldivian opened a Beijing office as China accounts for 19% of tourist arrivals this year.

Tourism Tax: Parliament has unanimously accepted a bill to repeal the new tax on foreign tour operators and offshore booking platforms, following industry pushback. Rasmale’ Deal: Ruling MPs rejected an opposition bid to disclose details of the proposed USD 20 billion Eagle Hills project, leaving questions over its terms unresolved. Foreign Exchange: The MMA reminded resorts and other covered businesses to meet currency-conversion requirements by Wednesday, warning that non-compliant entities may be named. SME Support: Maldives Expo opened in Hulhumalé with hundreds of exhibitors. The government also announced business concessions for Addu and said SMEs can accept overseas payments in US dollars through BML from November 1. Pakistan Ties: President Muizzu’s visit produced 20 agreements, a USD 200 million trade target and plans for direct flights, alongside expanded defence cooperation. Former foreign minister Abdulla Shahid has called for greater transparency and warned of renewed anti-India politics. Climate Risks: Flooding affected 140 homes in Kulhudhuffushi, while a global IUCN assessment classified 96% of tropical coral reefs as critically endangered, highlighting risks to the Maldives’ tourism and coastal protection.

Local Business: Maldives Expo 2026 has opened in Hulhumalé, showcasing 4,404 products from 419 exhibitors across 73 categories. The nine-day event is the country’s largest expo to date. SME Support: From November 1, small businesses will be able to receive overseas customer payments in US dollars through BML’s payment gateway. Addu City has also been named the first special economic zone, with three years of tax and business-fee concessions for SMEs. Investment: A Maldivian delegation in Kuwait is promoting opportunities in tourism, infrastructure, ports, fisheries and renewable energy, with incentives including tax exemptions and long-term land leases. Foreign Policy: President Muizzu’s Pakistan visit produced 20 agreements, with both countries aiming to raise trade to $200 million within two years. Former foreign minister Abdulla Shahid has called for transparency on the deals and warned Muizzu could revive anti-India rhetoric. Environment: IUCN says 96% of tropical and subtropical coral reefs face critical risk, underscoring the threat to Maldives tourism, fisheries and coastal protection.

SME Support: From November 1, Maldivian small businesses will be able to receive overseas payments in US dollars through Bank of Maldives’ payment gateway. Addu City will also become the first economic zone, with three years of tax and business-fee concessions for eligible SMEs from January. Flooding: Heavy rain has affected around 140 homes in Kulhudhuffushi and 90 buildings in Malé, according to reports. Pakistan Ties: President Mohamed Muizzu’s state visit produced 20 agreements, including cooperation on defence and maritime security, and a target to raise trade to US$200 million within two years. The countries are also pursuing direct flights. Climate: An IUCN assessment warns that 96% of tropical and subtropical reefs face critical risk of collapse, underscoring the threat to the Maldives’ coastal protection, fisheries and tourism. Tourism: The Ritz-Carlton Maldives earned two MICHELIN Keys, while St. Regis Vommuli made Tatler’s Asia-Pacific Top 100 hotels list.

SME Support: From November 1, local businesses can accept US-dollar payments through Bank of Maldives’ gateway. Addu City SMEs will also receive three years of tax, rent and fee concessions from January, while state debts to small firms may be offset against taxes. Economic Governance: Finance Minister Hassan Zareer says the Maldives has repaid more than US$1.4 billion in debt over two and a half years, and stressed that trusted institutions and reliable financial information are vital to the 2040 development goal. Pakistan Ties: President Mohamed Muizzu has returned from a state visit that produced 20 agreements and a target to lift bilateral trade to US$200 million within two years; direct flights are also being pursued. Flooding: Heavy rain has damaged 140 homes in Kulhudhuffushi, with businesses also reporting losses. Tourism: Armenian carrier Shirak Avia plans weekly Yerevan–Malé flights via Muscat from November 14.

Severe Flooding: Heavy rain has damaged 140 homes in Kulhudhuffushi, with businesses also reporting losses as crews pump floodwater from the city. Pakistan Ties: President Mohamed Muizzu has returned from a state visit that produced 20 cooperation agreements and a target to lift bilateral trade to US$200 million within two years; Pakistan also plans direct Karachi–Maldives flights. Public Finances: Finance Minister Hassan Zareer says trusted institutions and reliable financial information are vital to the Maldives’ 2040 development goal, noting the government has repaid more than US$1.4 billion in debt over two and a half years. Medicine Donation: Sri Lanka has provided essential medicines worth more than MVR 250,000 following a request from the Maldivian government. Scam Recovery: Police recovered about MVR 3.1 million—59% of reported losses—in a three-month international crackdown on online fraud. Pay Debate: A ruling-party MP says Maldivian lawmakers cover constituency costs from their own pockets, amid scrutiny of parliamentary salaries and proposed pay increases for public officials.

Severe Flooding: Heavy rain has damaged 140 homes in Kulhudhuffushi, with businesses also reporting losses; flooding has left some homes in nearby Nolhivaranfaru uninhabitable. Pakistan Ties: President Muizzu has returned from a state visit that produced 20 cooperation agreements. The countries aim to lift annual trade from $13 million to $200 million within two years and plan direct flights between Karachi and the Maldives. Scam Recovery: Police recovered MVR 3.1 million—about 59% of reported losses—in a three-month international crackdown, freezing 1,088 suspicious bank accounts and arresting 17 people. Health Support: Sri Lanka donated essential medicines worth more than Rs. 5 million to the Maldives following a government request. Tourism Links: Armenia’s Shirak Avia plans to start weekly flights to Malé via Muscat on November 14, as the Maldives approaches peak visitor season.

Pakistan Visit: President Mohamed Muizzu has returned to Malé after a state visit that produced 20 agreements and a pledge to raise bilateral trade from about $13 million to $200 million within two years. Pakistan has ordered work on direct flights between Karachi and the Maldives, while Muizzu invited Pakistani investment in infrastructure, logistics and Islamic finance. Rasmalé Project: Former foreign minister Abdulla Shahid called for the government to disclose the waterfront and marina deal, warning that secrecy could erode public and investor confidence. Flooding: Heavy rain flooded Malé, with 89 buildings seeking sandbags, according to the disaster authority. Cybersecurity: Authorities urged urgent updates to PHP systems after warning that a critical vulnerability is being actively exploited. Tourism: The government is set to repeal the tax on foreign tour operators and booking platforms.

Pakistan Ties: President Mohamed Muizzu’s visit has produced 20 agreements across trade, defence, education, health and other sectors, with both governments targeting $200 million in annual trade within two years. That is a steep rise from about $13.9 million, and will depend on turning agreements into real business. Connectivity: Maldivian plans a Malé–Karachi service, while Pakistan has ordered a feasibility study for direct flights. Muizzu also urged Pakistani investors to explore opportunities in food storage, processing and climate-adaptive agriculture. Regional Relations: Three Indian naval training vessels arrived in Malé as the Maldives and Pakistan signed defence and maritime security agreements. Rasmale’: Former foreign minister Abdulla Shahid has called for full disclosure of the waterfront and marina deal, warning that public distrust could damage investor confidence. Flooding: Heavy rain flooded Malé, prompting 89 buildings to seek sandbags, according to disaster officials. Development Planning: A Maldivian delegation in China is studying how to link budgets to long-term goals as the country prepares its 2040 development vision.