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Maldives seeks $29 mln IMF bailout amidst coronavirus hit
A $29 million bailout for Maldives will be approved soon, the International Monetary Fund (IMF) said Friday.
The funds have been requested for the Indian Ocean tourist paradise’s central bank under the IMF’s Rapid Credit Facility, a fast track concessional financial assistance instrument with limited conditions.
“I hope that we can go to the Board sometime very soon, next week or week after. So, we want to process it quickly,” Changyong Rhee, Director of the IMF’s Asia Pacific Department, said, during a press conference.
Maldives has sought assistance from several international aid agencies and financial institutions.
The island nation is also looking to tap into a new multi-partner trust fund established by the UN for Covid-19 response.
The country has since received $20 million from the OPEC Fund for International Development, $17.3 million from the World Bank, $600,000 from the Asian Development Bank, and $3.28 million from the European Union.
The coronavirus outbreak has hit the Maldivian economy hard, as travel restrictions and other preventive measures affect the country’s lucrative tourism industry, which contributes the bulk of the island nation’s state revenue and foreign reserves.
Before the pandemic, the government had been bullish about tourism prospects, targeting two million, high-spending holidaymakers this year after last year’s record 1.7 million.
However, tourist arrivals saw a year-over-year decline of 22.8 per cent in the first 10 days of March. Officials say the number of tourist arrivals to the Maldives could drop by half in 2020.
All international airlines have suspended scheduled operations to the Maldives, as the island nation enforced a blanket suspension of on-arrival visa in late March in a bid to combat the spread of the novel coronavirus.
Even before the visa suspension, the Maldives had closed its borders to arrivals from some of the worst-hit countries, including mainland China, Italy, Bangladesh, Iran, Spain, the United Kingdom, Malaysia and Sri Lanka. Visitors from three regions of Germany (Bavaria, North Rhine-Westphalia and Baden-Württemberg), two regions of France (Île-de-France and Grand Est) and two regions of South Korea were also banned from entering the country.
All direct flights to and from China, Italy, South Korea and Iran were also cancelled.
Cruise ships and foreign yachts were also banned from docking at any of the country’s ports.
With arrival numbers falling and the visa suspension in effect, several resorts across the Maldives had been closed.
Tourism has been the bedrock of the Maldives’ economic success. The $5 billion-dollar economy grew by 6.7 per cent in 2018 with tourism generating 60 per cent of foreign income.
However, the government is at present projecting a possible 5.7 per cent economic contraction this year — an estimated $778 million hit.
The Maldives has announced an MVR 2.5 billion stimulus plan, which includes MVR 1.55 billion ($100 million) in emergency loans for businesses to meet short-term working capital needs.
In addition to the emergency financing, the government’s stimulus plan is complemented by a package of financial measures, including a six-month moratorium on principal and interest repayments for personal, business and housing loans sanctioned by commercial banks.
The government is also subsidising utility bills in March and April.
Those that lose jobs due to the coronavirus pandemic will also be paid unemployment benefit for a period of three months.
Meanwhile, the central bank has announced a $150 million facility for banks to ensure healthy foreign currency reserves.
The facility is arranged through a $400 million stand-by currency swap signed by the Maldives Monetary Authority (MMA) and Reserve Bank of India (RBI) last year, he said.
If required, minimum reserve requirement of banks will also be slashed from 10 to five per cent to allow banks to increase lending.
On March 8, Maldives reported its first cases of the novel coronavirus, as two hotel employees tested positive for Covid-19 at a luxury resort in the archipelago.
Eighteen more cases — all foreigners working or staying resorts and liveaboard vessels except five Maldivians who had returned from abroad — were later identified.
A six-case cluster, detected in capital Male on Wednesday, confirmed community transmission of the coronavirus. Two more clusters have since been identified, putting the total number of confirmed case in Maldives to 32.
However, 16 out of the 32 have made full recoveries.
The Maldives announced a state of public health emergency on March 12, the first such declaration under a recent public health protection law.
The public health emergency declaration has allowed the government to introduce a series of unprecedented restrictive and social distancing measures, including a lockdown in capital Male and its suburbs, a ban on inter-island transport and public gatherings across the country, and a nationwide closing of government offices, schools, colleges and universities.
Non-essential services and public places in the capital such as gyms, cinemas and parks have also been shut.
Restaurants and cafes in the capital have been asked to stop dine-in service and switch to takeaway and delivery.
A nationwide shutdown of all guesthouses, city hotels and spa facilities located on inhabited islands is also in effect.
Photo: Maldivian finance minister Ibrahim Ameer (L) meets with officials from the International Monetary Fund at the sidelines of the IMF-World Bank Spring Meetings in Washington DC in April 2019. FILE PHOTO/ FINANCE MINISTRY
Dusit Thani Maldives, a premier Thai-inspired luxury resort, has announced an exclusive partnership with beOnd Airlines, a premium leisure airline renowned for its exceptional services and luxury. This collaboration offers travellers a unique opportunity to enjoy exclusive privileges when booking their stay at Dusit Thani Maldives through beOnd Airlines.
Passengers flying with beOnd are eligible for a special offer at Dusit Thani Maldives, including discounts of up to 10% for stays between November 1, 2024, and April 30, 2025. Dusit Gold members receive additional discounts and privileges, further enhancing the benefits for loyal guests.
To access these exclusive offers, passengers must present a valid beOnd booking reference and use the booking code FLYDTMD when making a reservation at Dusit Thani Maldives.
This partnership strengthens the seamless travel experience that both Dusit Thani Maldives and beOnd Airlines aim to deliver to their discerning guests.
“We are thrilled to collaborate with beOnd Airlines and offer their passengers an opportunity to experience the unique blend of luxury and serenity at Dusit Thani Maldives,” said Jean-Louis Ripoche, Area General Manager, Maldives. “This partnership allows us to create more memorable stays for travellers looking to explore the beauty of the Maldives with the convenience and style that both Dusit Thani and beOnd Airlines are known for.”
The Waldorf Astoria Maldives Ithaafushi invites guests to step back in time with its “Sixties Glamour” festive theme, capturing the elegance and charm of a bygone era. From December 15 to January 7, the resort transforms into a sixties-inspired setting with a chic colour palette of blue, white, silver, and black, adorned with pearls, bold accents, and iconic decorations. Guests will experience a world of vintage style, complete with family-friendly activities, unforgettable events, culinary delights, and festive experiences.
“We’re delighted to once again invite our guests to enjoy the magic of the holidays with us,” said General Manager TJ Joulak. “Our ‘Sixties Glamour’ program invites guests to embrace the spirit of the season in an atmosphere of timeless elegance and create unforgettable memories with loved ones.”
The resort offers a variety of spacious accommodations suitable for couples and families, from overwater villas to Ithaafushi – The Private Island, providing the ultimate island escape. A full calendar of events and sixties-inspired holiday decor ensures that guests are surrounded by festive cheer and celebrations, including the following highlights:
Guests can embrace the season’s magic with events for all ages. Highlights include a Christmas Tree Lighting Ceremony at Peacock Alley on December 17, featuring festive music and seasonal treats. On December 25, Santa Claus and his team will bring joy to NAVA Beach with gift-giving and a chance to meet Santarina and the elves. A sixties-themed fashion show for kids and teens will also offer young guests an opportunity to showcase their style on the runway.
For the season’s major celebrations, a grand tent will host Christmas Eve and New Year’s Eve festivities, complete with world-class cuisine and captivating entertainment. Additionally, “Cinema Under the Stars” at the Lagoon Pool provides a unique experience with a movie night under the Maldivian sky.
The resort’s 11 distinctive dining venues will elevate the holiday dining experience with exclusive, specially crafted menus. Signature options include “Timeless Pairing” at Amber, featuring oysters and champagne, and the “Festive Flavours of Japan” at ZUMA, offering an elegant tasting menu. At Terra, “Dom Perignon Prestige” pairs gourmet dishes with Dom Perignon Champagne, while Yasmeen presents a festive buffet inspired by Lebanese street food. Guests can also enjoy a curated wine experience at Rock, savour fresh lobster and champagne by the ocean at Mirror Pool, and partake in festive brunches at ZUMA and Tasting Table. The “Maldivian Charm” dinner highlights local flavours, while “A Tale of Two Wines” at Glow features Bordeaux and Burgundy wines paired with gourmet cuisine. Another unique experience awaits at Li Long’s Laba Festival feast.
Guests seeking relaxation can enjoy holistic wellness practices led by visiting experts, Shree and Dr. Syed, including Himalayan Sound Bath Meditation, Acupuncture, and Pranic Healing. For younger guests, special wellness activities include “Splash and Fun” at the Aqua Wellness Pool, a “Beauty Camp” for girls, and a “Fitness Boot Camp” for children.
This holiday season, Waldorf Astoria Maldives Ithaafushi invites guests to create unforgettable memories surrounded by the glamour and warmth of the sixties.
Cooking
Domenico Carella and Fabrizio Margarita unite for innovative culinary experience at Patina Maldives
Patina Maldives has announces an exclusive culinary pop-up, Ultra Milano by Domenico Carella, taking place from November 9th to November 13th, 2024. This exclusive experience will showcase the innovative culinary and mixology talents of Domenico Carella, a renowned figure in the food and beverage industry.
Carella has built an impressive career as a professional chef, bartender, and manager. With over a decade of experience, he has mastered the art of blending ingredients and flavours to create dishes that perfectly balance texture and taste. His culinary journey has taken him around the world, earning accolades such as Manager of the Year in Asia by “That’s Shanghai” in 2015.
At this event, Domenico Carella’s mixology will complement Fabrizio Margarita’s pizza artistry, reimagining dining with a sustainable flair at Veli Bar in Patina Maldives, Fari Islands.
Carella’s approach to food and beverage emphasises environmental respect and sustainability. His holistic vision ensures that all departments, from the kitchen to the bar, work harmoniously, aligning the procurement of raw materials to create a unified and sustainable operation.
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