Rasmalé - RajjeViyu

Maldives Republic | 11 months ago | urgent

Ex-Finance Minister Warns Rasmalé Advance from Reserves Risks National Bankruptcy

Former Finance Minister Ibrahim Ameer warned that President Mohamed Muizzu's directive to use the Maldives Monetary Authority's reserves for an advance payment on the Rasmalé dredging project could bankrupt the nation. Speaking for the MDP Economic Committee, Ameer criticized the plan as illegal and imprudent, noting the funds would go to a private company. He questioned how Greater Malé Financial District Limited, a newly formed state-owned enterprise, could secure a US$300 million loan. The government changed financing strategy in July, instructing three state firms to raise loans totalling US$600 million and authorizing use of MMA reserves or the Indian swap facility. Ameer accused the MMA of enabling politically motivated decisions. As of end-May, usable reserves were US$217.9 million. The Rasmalé project, launched in December 2023, has progressed slowly with only a small portion of 1,100 hectares reclaimed.

Maldives Republic | 11 months ago | urgent

Muizzu Orders Advance Payment for Rasmalé Reclamation from State Reserves or Indian Swap Facility

President Mohamed Muizzu has directed the Finance Ministry to make an advance payment for stalled reclamation work at Fushidhiggaru Lagoon under the Rasmalé project, using either the Maldives' usable reserves or the Indian currency swap facility. The instruction was conveyed in a letter from the President's Office to Finance Minister Moosa Zameer on 1 July. The letter, signed by Principal Secretary Mohamed Shahid, stressed urgency. Usable reserves stood at US$217.9 million as of end-May. The government also asked state-owned companies to deposit loan proceeds into reserves. Reclamation started on 18 December 2023 but progress is slow. The Rasmalé project spans 12 sites, with several contractors including Mohan Mutha Exports and China Railway Construction Corporation.

Maldives Republic | 1 year, 7 months ago | neutral

Government Onboards Two More Chinese Companies for Rasmalé Project Amid Ongoing Delays

Two Chinese companies have been awarded contracts for the last two of 12 sites in the Rasmalé project. Only 29 hectares have been reclaimed at Site J. Nine sites have been awarded to India's MME and China's CRCC. CHEC was awarded Sites C and E. The EPA released the EIA for the last two sites, with completion by May 2026. Site B, assigned to CRCC, is expected to be completed by September 2025. Work is only active at Site D. The project is now funded through an undisclosed loan from HDC, after initial financing via CMCC failed. Minister Muththalib estimated the cost at US$500-700 million.

Maldives Republic | 1 year, 11 months ago | optimistic

Rasmalé Project to Proceed as Planned Despite Setbacks, Says President Muizzu

President Mohamed Muizzu reassured that the Rasmalé project will proceed despite financial setbacks that halted work. Speaking at the opening of PNC House, he stated reclamation on Fushidhiggarufalhu will resume in July, targeting 1,100 hectares by end of December. The project, launched on 18 December 2023, aims to reclaim 1,153 hectares from the 1,280-hectare lagoon. The contractor, Sri Lanka's Capital Marine and Civil Construction Company (CMCC), failed to secure funding, leading to a temporary halt disclosed by Minister Abdulla Muththalib on 30 May. President Muizzu said concurrent reclamation efforts in Gulhifalhu, Giraavarufalhu, and Hulhumalé Area III will proceed, along with other nationwide projects. He did not specify a new contractor. The parliament had redirected MVR 400 million from the project to other housing initiatives.