MACI commences survey to identify losses to construction ventures

The Maldives National Association of Construction Industry (MACI) has begun a survey to identify the challenges faced by the construction industry and impact on the construction industry due to COVID-19.

A circular issued to construction companies by MACI stated that the construction sector is hit by the economic downfall due to COVID-19 leading to the destruction of the travel and transportation system.

Thus, the association has commenced a survey to understand the impact on the construction industry and requested to share the relevant information with the association, MACI’s circular further read.

MACI has sent a form to provide the information along with the circular and has requested to email the completed form by 1800 hours on 26 March.

Some of the information sought by MACI include the total number of locals and expatriates working in the particular company, the total number of government projects being carried out, project values, other projects being carried out and its project values. Moreover, the expected losses in the upcoming three months and how the loss is forecasted and details of the losses are also asked.

Thus far, 13 people have tested positive for the virus in the Maldives of which eight people have recovered. Meanwhile, the government has banned arrivals from several countries, including the countries from where the most numbers of tourists visit the Maldives. Many countries have placed lockdown in the whole country as a measure to contain the virus.

The government foresees a loss of USD 400 million due to the travel ban owing to the global pandemic. As a measure to minimise the damages to the business ventures and economic downfall, the government has saved over a billion Maldivian Rufiyaa worth of government expenditure and has introduced an economic package of MVR 2.5 million.