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Maldives raises $178.9 mln coronavirus relief funds from India, IMF
A total of $178.9 million has been raised through a currency swap facility with India and as an emergency loan from International Monetary Fund (IMF) loan to shore up the local economy against the shocks stemming from coronavirus pandemic, the Maldives central bank announced Tuesday.
Maldives Monetary Authority (MMA) said $150 million had been received under a $400 million currency swap arrangement signed with the Reserve Bank of India in 2019.
The currency swap facility is part of a $1.4 billion economic package announced by India for the Maldives in December 2018 on President Ibrahim Mohamed Solih’s maiden visit to the Maldives closest neighbour after coming to power.
The decision to activate the currency swap arrangement comes a week after a telephone conversation between President Solih and Indian Prime Minister Narendra Modi.
Meanwhile, the MMA said IMF has disbursed the $28.9 million loan approved last week under its fast track, zero-interest Rapid Credit Facility.
“These financial assistances will help the bank issue foreign currency for the import of essential food products and resources for the healthcare sector as immediately required,” a statement issued by MMA read.
The Maldives is looking to borrow $233.37 million from international lenders to plug the gap in balance of payments stemming from the coronavirus pandemic.
Funds already pledged by international lenders include $28.9 million from the International Monetary Fund (IMF), $20 million from the OPEC Fund for International Development, $17.3 million from the World Bank, and $3.28 million from the European Union.
In the meantime, the government will borrow MVR 4.2 billion ($272 million) under an overdraft facility at the central bank to cover state expenses and maintain public services amidst the coronavirus pandemic.
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 13 per cent economic contraction this year — an estimated $778 million hit.
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 of locals, detected in capital Male on April 15, confirmed community transmission of the coronavirus. Several more clusters have since been identified, bringing the total number of confirmed case in the Maldives to 250.
No deaths have been reported and 17 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 stay-at-home orders 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: Maldives Monetary Authority (MMA). PHOTO/ CORPORATE MALDIVES
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Blue Mind Theory brought to life at InterContinental Maldives Maamunagau
InterContinental Maldives Maamunagau Resort, located amid the clear waters of Raa Atoll, has introduced an experiential interpretation of the Blue Mind Theory through a new tailored package. The scientifically rooted concept suggests that being near, in, on, or under water can enhance happiness, calmness, and a sense of connection, while also boosting creativity and reducing stress. According to a UK survey by the Ocean Conservation Trust, 94% of participants reported improvements to their wellbeing after interacting with the ocean.
The resort offers direct access to one of the Maldives’ most vibrant marine environments and has curated a selection of wellness, adventure, and relaxation experiences aligned with the restorative principles of the Blue Mind Theory. Situated within the Maldives’ largest natural lagoon, its colourful house reef is home to blacktip reef sharks, turtles, and manta rays. As a key partner of The Manta Trust, InterContinental Maldives provides opportunities for guests to swim with manta rays in their natural habitat and learn about conservation efforts guided by experts.
Insights from The Manta Trust help illustrate the theory in practice. Meral Hafeez, Project Manager at the organisation, observes that encountering manta rays for the first time often brings a profound emotional response: “Time seems to slow down, fear is replaced with wonder, and what remains is a palpable sense of joy. Much of this stems from the grandeur the sea evokes – you are constantly humbled by its immensity. Feeling a sense of awe increases wellbeing and deepens our connection to the world.”
Drawing on this specialist knowledge, the resort’s Blue Mind package includes overwater meditation, guided seaside yoga, tailored treatments at AVI Spa, snorkelling sessions with The Manta Trust, and a private dinner under the stars. Guided yoga and meditation sessions held at dawn and dusk promote mindfulness while synchronising with the natural rhythm of the ocean. AVI Spa offers treatments inspired by marine elements and water-based techniques to reduce anxiety, restore balance, and support circadian wellbeing.
Guests may also choose a five-course dinner with champagne on a remote sandbank, offering a uniquely tranquil setting surrounded entirely by the Indian Ocean. The resort’s secluded location enhances its suitability for practising the principles of the Blue Mind Theory, supported by ongoing involvement from The Manta Trust.
Residence rates begin at USD 4,745++ per night, inclusive of a variety of tailored experiences.
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Noku Maldives unveils long-term Sea Turtle Conservation Programme
Noku Maldives, Vignette Collection, has announced the launch of a dedicated Sea Turtle Conservation Programme, developed in partnership with the Atoll Marine Conservation Centre (AMCC). Beginning on 25 November 2025, this long-term initiative strengthens the resort’s commitment to the Vignette Collection pillar Means for Good, reflecting a considered approach to environmental stewardship and responsible hospitality.
The waters surrounding Noku Maldives support a naturally thriving ecosystem, characterised by extensive seagrass meadows, coral-rich shallows, and warm lagoons that provide an essential refuge for sea turtles. In recent years, the island has recorded multiple nesting events along its shores — a rare and significant indicator of the health of its marine environment. The new programme aims to safeguard and enhance this natural heritage.
As part of the collaboration, a full-time AMCC marine biologist will be stationed on the island to lead a comprehensive portfolio of conservation activities. This will include monitoring the local sea turtle population, assessing reef and coral health, supporting long-term scientific research, and conducting fieldwork and outreach initiatives across neighbouring islands.
The programme will also enhance guest engagement through educational talks, guided snorkelling experiences, and hands-on conservation workshops, offering visitors the opportunity to connect with the underwater world in an enriching and meaningful way.
The initiative complements Noku Maldives’ growing suite of Means for Good activities, which already include reef conservation studies, coral restoration projects, cultural experiences, and community-led programmes. Together, these efforts underpin the resort’s commitment to delivering stays that are rooted in authenticity, responsibility, and deep respect for the natural environment.
“Our lagoon has always been a peaceful refuge for sea turtles and marine life,” said Hussain Shahid, General Manager of Noku Maldives. “This partnership with AMCC reflects our dedication to protecting these waters and ensuring they continue to flourish. By bringing conservation, community involvement, and guest education together, we hope to create meaningful and lasting impact for the atoll.”
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From spa rituals to sunrise yoga: Angsana Velavaru champions mindful living
Surrounded by the crystal-clear waters of South Nilandhe Atoll, Angsana Velavaru invites guests to embark on a holistic journey of renewal that nurtures both body and mind.
At the centre of this experience is the award-winning Angsana Spa, inspired by the timeless essence of Asian wellness traditions. Here, the healing power of touch, scent, and nature come together in harmony. Guests can enjoy a range of treatments designed for both relaxation and family bonding, including restorative massages, revitalising body polishes, and signature rituals that incorporate natural ingredients such as coconut, honey, and tropical herbs. Each therapy aims to rejuvenate, soothe, and restore a deep sense of inner calm that reflects the island’s natural rhythm.
Wellness at Angsana Velavaru extends far beyond the spa. The resort’s approach to wellbeing embraces movement, mindfulness, and meaningful connection. Its modern tropical fitness centre provides a tranquil setting for guests to stay active while remaining close to nature. Activities such as aqua aerobics in the Kuredhi Pool and sunrise yoga on the beach combine physical vitality with mindful awareness.
Across the island, guests are encouraged to slow down and reconnect with their surroundings. Guided meditation, breathwork sessions, and sunset yoga create opportunities for reflection and relaxation. These practices are seamlessly woven into the resort’s environment, offering a sense of serenity that lingers long after the stay.
Under the guidance of Wellbeing Director Artemasius Harefa, Angsana Velavaru’s holistic programmes align with Banyan Group’s Eight Pillars of Wellbeing, with a focus on rest, movement, mindfulness, and connection. The result is a collection of experiences designed to inspire balance and renewal, giving guests the opportunity to embrace a more mindful way of living.
“Modern travellers seek more than rest; they seek renewal,” said Artemasius Harefa, Wellbeing Director at Angsana Velavaru. “Our goal is to create experiences that help guests reconnect with themselves and the natural world, turning wellness into a meaningful way of life.”
At Angsana Velavaru, wellbeing is not a moment but a continuous journey shaped by nature, connection, and the healing spirit of the Maldives.
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