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Maldives seeks $29 mln IMF bailout amidst coronavirus hit

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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

Awards

Coco Bodu Hithi wins ‘Best Service’ at 2025 Condé Nast Johansens Awards

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Coco Bodu Hithi, a renowned boutique resort in the Maldives celebrated for its Maldivian-inspired elegance, has received recognition at the 2025 Condé Nast Johansens Awards for Excellence.

This prestigious accolade honours outstanding quality across recommended properties worldwide and serves as a trusted benchmark for travellers and industry professionals alike. Coco Bodu Hithi was awarded the title of ‘Best Service’ by Condé Nast Johansens for its exceptional hospitality, which seamlessly blends serene surroundings with meticulous, personalised service.

Additionally, the resort was recently recognised in the 2024 Condé Nast Traveler Readers’ Choice Awards as one of the top resorts in the Indian Ocean, cementing its position as a leader in luxury travel. Offering a thoughtfully curated guest experience, Coco Bodu Hithi continues to set itself apart within the industry.

The resort also excels in culinary innovation, boasting four exceptional restaurants. Renowned Michelin-starred chefs frequently collaborate with Group Culinary Director and Michelin-starred chef Martin Cahill to craft exquisite dining experiences, reflecting Coco Bodu Hithi’s unwavering commitment to service excellence and world-class gastronomy.

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Drink

Cocktail art meets tropical bliss: Tao Zrafi transforms Oaga Art Resort’s Sobi Bar

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Oaga Art Resort has transformed its Sobi Bar into a Mixology Garden, showcasing a collaboration with internationally acclaimed Beverage Artist and Netflix’s ‘Drink Masters’ finalist, Tao Zrafi.

Far from the typical poolside bar, the revamped Sobi Bar offers a unique experience where artistic cocktails take centre stage. Standard drinks are replaced with Tao Zrafi’s creations, which expertly blend local Maldivian flavours with surprising twists, providing a sensory journey for visitors.

Each cocktail at Sobi Bar is a testament to Tao Zrafi’s creativity. His exclusive menu combines stunning visual presentation with complex, delightful flavours, elevating the drink experience into an art form.

The Mixology Garden caters to diverse tastes. In addition to Tao Zrafi’s signature creations, Sobi Bar offers a curated selection of international gins and artisanal beers, ensuring every guest finds the perfect beverage to suit their preferences.

To commemorate the launch of the Mixology Garden, Oaga Art Resort is hosting several special events:

  • Cocktail Masterclasses (November 29 and December 6): Guests can learn from Tao Zrafi himself, discovering the secrets behind his innovative cocktails.
  • The Grand Unveiling (December 5): This evening celebration features Tao’s signature cocktails, a buffet, live music, interactive mural painting, and spectacular fire shows. Guests can enjoy a sunset soiree combining art, music, and unforgettable flavours.

Sneak peeks of Tao Zrafi’s creations are available on Oaga Art Resort’s social media platforms, offering a teaser of the enchanting cocktails awaiting guests at Sobi Bar.

Whether seeking relaxation, artistic inspiration, or an elevated cocktail experience, the Mixology Garden at Sobi Bar promises something extraordinary. With its blend of stunning flavors, unique atmosphere, and unforgettable events, Oaga Art Resort ensures every visitor leaves with cherished memories of paradise.

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Hideaway Beach Resort & Spa announces exclusive collaboration with Maldivian

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Hideaway Beach Resort & Spa, a luxury destination located in the pristine Haa Alifu Atoll of the Maldives, has announced its exclusive partnership with Maldivian, the national airline of the Maldives, for all seaplane and domestic flight transfers. Starting from November 1st, 2024, this collaboration aims to provide guests with unparalleled convenience and seamless travel to the resort, ensuring daily service, with additional transfers available depending on the season.

The resort is known for its spacious villas, exceptional privacy, a wide array of experiences, world-class amenities, and personalised service, all set in a lush, natural island paradise. With Maldivian as its exclusive seaplane transfer partner, guests can enjoy a direct, swift, and scenic journey from Velana International Airport to the resort’s doorstep.

Ahmed Hafeez, Managing Director of Lily Hotels, expressed excitement about the partnership, stating, “We are thrilled to partner with Maldivian to elevate our guests’ arrival and departure experience. This collaboration ensures a smooth and luxurious transition, allowing guests to begin their unforgettable holiday the moment they step off the plane.”

Upon arrival at Velana International Airport, guests are welcomed by the resort’s dedicated airport representatives, who escort them to the exclusive Lily Hotels Lounge at the Noovilu Seaplane Terminal. Here, they can relax and enjoy panoramic views, complimentary refreshments, and Wi-Fi while awaiting their transfer.

In addition to seaplane transfers, Maldivian will also manage domestic flight transfers for guests who prefer this alternative. This comprehensive approach highlights Hideaway Beach Resort & Spa’s commitment to providing flexible and convenient travel solutions.

The partnership with Maldivian also positions the resort for future growth, particularly with the upcoming upgrade of Hanimaadhoo International Airport. This development is expected to enhance accessibility and offer more travel options for the resort’s clientele. The collaboration is anticipated to generate increased interest in the less-explored northern Maldives, an area known for its untouched natural beauty and more tranquil, underwater experiences.

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