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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
The Nautilus Maldives has announced an extraordinary partnership with GlobeAir, Europe’s leading private jet operator. This exclusive collaboration introduces GlobeAir’s long-haul private jet services to the Maldives, setting a new benchmark for bespoke travel and offering an unparalleled journey into the world of ultimate luxury.
By joining forces, The Nautilus and GlobeAir aim to redefine bespoke travel, combining their expertise to deliver highly personalised and unforgettable experiences for the most discerning global travellers. This partnership seamlessly merges two realms of exceptional luxury, elevating both the travel experience and the destination itself.
GlobeAir’s newly launched long-haul private jet services to the Maldives reimagine private aviation with tailored itineraries, exceptional service, and unmatched comfort. From the moment passengers board, their journey is designed to reflect the elegance and exclusivity synonymous with The Nautilus. This collaboration exemplifies The Nautilus’s commitment to absolute freedom and bespoke ultra-luxury hospitality, where every detail is meticulously curated to ensure an unforgettable experience. Together, The Nautilus and GlobeAir invite guests to embark on a seamless transition from takeoff to the barefoot luxury of the Maldives.
The Exclusive Nautilus Experience:
- A Seamless Voyage: Guests begin their journey with a round-trip aboard a GlobeAir private jet, where every detail is crafted to provide ultimate comfort and personalised service.
- A Timeless Stay in Paradise: Upon arrival at The Nautilus, time slows down, and bespoke experiences take centre stage. With only 26 ultra-luxury boho-chic houses and residences, each space offers complete privacy and is tailored to individual preferences.
- Complimentary Cinema Under the Stars: Guests can indulge in an enchanting beachside cinema experience, featuring a custom bokkura setup and the soothing sounds of the Indian Ocean. The evening is complete with a bottle of fine champagne, blending barefoot sophistication with the magic of the Maldives.
Reethi Faru Resort proudly celebrates the extraordinary journey of two devoted guests, Iain and Debbie, who recently marked a special milestone: Debbie’s 40th visit to the Maldives. Iain, who has visited even more frequently, shares this remarkable tradition with Debbie, which began in 2005 when they discovered the Mahogany Group by chance. Since then, their deep connection with the resort has brought them back year after year.
Iain and Debbie’s love for the Maldives transcends mere vacations, evolving into a meaningful relationship with the resort and its staff. “When we arrive, it feels like we’re meeting family at the end of a very long journey,” Debbie shares, describing the warm and welcoming environment that greets them every time. Their bond with the staff is reflected in the many holidays, birthdays, and special occasions they have celebrated together.
Now retired, the couple enjoys extended stays at Reethi Faru, often spending up to three months a year diving, dining, and relaxing at the spa. Their loyalty to the resort is a testament to the exceptional service and community spirit it fosters. “We know everyone who works in the restaurants, and they treat us like friends,” Iain explains. “Those little touches—like trying something new or receiving a taster dish—make all the difference.”
The emotional connection the couple has with the resort runs deep. “Every time we leave, I cry all day, even though I know I’ll be back in a few months,” Debbie admits. “It’s always very hard to leave such a wonderful place.”
Iain and Debbie have also shared their enthusiasm for Reethi Faru with others, inspiring friends to join them. “We’ve recommended Reethi Faru to many of our friends, and it has become a central meeting point for divers and food lovers,” Iain says. “We all share a common passion for what we love.”
Having now visited Reethi Faru 30 times, the couple has already planned their next trip to the resort, underscoring their unwavering affection for the island paradise.
Reethi Faru Resort remains committed to fostering an environment where guests can create lasting memories and forge deep connections. The resort eagerly anticipates welcoming Iain, Debbie, and all returning guests for many years to come.
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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