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Maldives raises $178.9 mln coronavirus relief funds from India, IMF

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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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Top tennis celebrities set to shine at LUX Tennis Star events in Maldives

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LUX Tennis, a leading tennis management company, offers exclusive world-class tennis experiences for luxury hotels and private clients globally. Their signature LUX Tennis Star Events bring renowned tennis, padel, and pickleball celebrities to partner resorts, including 12 prestigious properties in the Maldives.

With over 30 LT Star Events held annually, LUX Tennis delivers an impressive lineup of tennis stars, allowing guests to experience world-class tennis in one of the world’s most beautiful destinations. As a top tennis management company, LUX Tennis brings elite tennis stars to the Maldives, creating unforgettable experiences for guests. The upcoming events feature 12 distinguished tennis celebrities who will attend exclusive LT Star Events over the coming months.

Upcoming LUX tennis star events in the Maldives

  • Holger Rune, Former World No. 4, at JOALI Maldives – November 13th – November 15th, 2024: Holger Rune, a 21-year-old tennis prodigy from Denmark, achieved a career-high ATP ranking of No. 4 in 2023. Known for his explosive, all-court game, he has claimed four ATP titles, including the 2022 Paris Masters 1000, and reached the finals of the Rome and Monte Carlo Masters 1000 tournaments, as well as the quarterfinals of Roland Garros and Wimbledon. Rune is one of the most exciting young talents on tour.
  • Karolína Plíšková, Former World No. 1, at Sirru Fen Fushi, Maldives – November 10th – November 19th, 2024: Karolína Plíšková, from the Czech Republic, is known for her powerful serve and aggressive style. She reached No. 1 in the WTA rankings in July 2017 and has won several WTA titles, including the 2016 WTA Finals. Plíšková also reached the US Open final that same year and boasts a career-high doubles ranking of No. 11.
  • Denis Shapovalov, Former World No. 10, at Jumeirah Maldives – November 10th – November 13th, 2024: Canadian tennis star Denis Shapovalov, who reached a career-high ATP ranking of No. 10, is celebrated for his explosive, aggressive style of play. Known for his iconic one-handed backhand, he has represented Canada in major tournaments and captivated fans since his breakthrough in 2017.
  • Mirjam Björklund, Former World No. 123, at Jumeirah Maldives – November 10th – November 13th, 2024: Swedish professional Mirjam Björklund, known for her competitive spirit, achieved a career-high singles ranking of No. 123 in 2023. She has multiple ITF titles to her name and continues to climb the rankings with her powerful, determined game.
  • Alejandro Davidovich Fokina, Former World No. 21, at Patina Maldives – November 11th – November 17th, 2024: Alejandro Davidovich Fokina, a Spanish player who achieved a career-high ATP singles ranking of No. 21, is known for his tenacity and dynamic game. He has won several ITF and ATP Challenger titles, reached the quarterfinals of the 2021 French Open, and secured his first ATP doubles title at the 2020 Chile Open.
  • Jiří Lehečka, Former World No. 23, at Sirru Fen Fushi – November 13th – November 23rd, 2024: Czech player Jiří Lehečka has reached a career-high singles ranking of No. 23. With an ATP title at the 2024 Adelaide International and multiple ATP Masters quarterfinals, he is recognised as one of the rising stars in global tennis.
  • Iga Świątek, Current World No. 2, at One&Only Reethi Rah – November 14th – November 23rd, 2024: Polish tennis player Iga Świątek, who won the French Open in 2020 and 2022, became the first Polish player to secure a Grand Slam singles title. She also reached World No. 1 and is currently ranked No. 2. Renowned for her powerful baseline play, she is considered one of the best players of her generation.
  • Ugo Humbert, Current World No. 14, at One&Only Reethi Rah – November 21st – November 23rd, 2024: Ugo Humbert, a French professional, is known for his powerful serve and aggressive playing style. He achieved a career-high singles ranking of No. 13 in March 2021 and is currently ranked No. 14. Humbert’s impressive run to the finals of the 2024 ATP Masters 1000 in Paris boosted his position on the ATP ladder.
  • Angelique Kerber, Former World No. 1, at Anantara Kihavah Maldives Villas – November 27th – December 8th, 2024: Angelique Kerber, a former World No. 1, has won three Grand Slam titles: the Australian Open, US Open, and Wimbledon. Known for her powerful game, Kerber is widely regarded as one of the sport’s greats.
  • Marion Bartoli, Former World No. 7, at Siyam World, Maldives – December 9th – December 14th, 2024: Marion Bartoli, the 2013 Wimbledon champion, is known for her unique style and competitive prowess. She clinched her Wimbledon title without losing a set, solidifying her place in tennis history.
  • Julia Görges, Former World No. 9, at Finolhu, Maldives – January 7th – January 14th, 2024: German tennis player Julia Görges, who achieved a career-high singles ranking of No. 9 and No. 12 in doubles, enjoyed a standout career with seven WTA titles and a semifinal appearance at Wimbledon. She also represented Germany in the Fed Cup and the 2012 Olympics before retiring after a successful career.
  • Wesley Koolhof, Former World No. 1 in Doubles, at Finolhu, Maldives – January 7th – January 14th, 2024: ATP doubles star Wesley Koolhof, a former World No. 1, has won 19 ATP doubles titles, including a 2023 Wimbledon title. Koolhof, a two-time US Open finalist and Davis Cup competitor, has also represented the Netherlands in two Olympic Games.
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Enchanting Halloween at Reethi Faru: family-friendly festivities amid Maldives’ beauty

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At Reethi Faru Resort in the Maldives, Halloween was celebrated this year amid a captivating blend of festive cheer and the Maldives’ stunning natural beauty. Guests of all ages engaged in a range of activities, creating unforgettable memories.

The day began with family-friendly events, where children enjoyed face painting and various creative activities, immersing themselves in a world of imagination alongside their parents and the resort team.

In the evening, adult guests joined the Halloween celebrations, which included a lively costume party where they could showcase their most inventive outfits. A specially curated Halloween buffet provided a wide array of international and local dishes, allowing guests to savour delicacies that embodied the holiday’s spirit. As the evening progressed, guests enjoyed signature cocktails, adding an extra layer of excitement to the festivities.

Themed decorations adorned the resort, featuring imaginative details that fostered a mysterious and fun ambiance, enhancing the festive spirit for all.

Looking forward, Reethi Faru Resort is preparing even more thrilling events as the season continues. With a calendar full of extraordinary experiences, the resort invites guests to join for unforgettable moments in this paradise.

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Cosmic magic and island serenity: experience festive wonderland at Nova Maldives

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This festive season, Nova Maldives invites travellers to embark on a celestial journey that celebrates cosmic magic and the spirit of togetherness on its serene, natural island. Running from December 21st to January 7th, this festive period promises an array of soul-soothing experiences inspired by the wonders of the universe. Visitors are welcomed to immerse themselves in a tranquil yet vibrant atmosphere, where the beauty of the cosmos is reflected in Nova’s pristine surroundings and warm hospitality.

Nova’s ethos embraces the simplicity of island living, infusing each moment with meaningful connections. This season, the island paradise invites guests to experience the awe of the cosmos through a series of enchanting activities and luxurious indulgences, designed to spark joy and inspiration. Whether stargazing on the sandy shores, diving into the galactic mysteries of the underwater world, or indulging in rejuvenating spa treatments, each experience is crafted to create lasting memories and a profound sense of wonder. Guests are encouraged to embrace the spirit of community, celebrating the festive season in a setting that feels both boundless and intimate, with every magical detail thoughtfully curated to enhance their experience.

  • Celestial Seas: Guests can dive into the ethereal underwater world of the South Ari Atoll, where oceanic enchantment meets the mysteries of the galaxy. Nova’s cosmic nighttime snorkeling and dive adventures offer a magical glimpse into the underwater realm, with each surreal moment reflecting the season’s wonder.
  • Cosmic Tranquillity: Nova’s overwater EsKape Spa serves as a sanctuary for the soul amidst gentle waves and whispering palms. This spa offers rejuvenating experiences blending modern techniques and ancient wisdom, with glass-bottomed treatment rooms showcasing marine life in crystal-clear waters. Throughout the festive period, guests can enjoy the Festive Special – Stellar Spa Rejuvenation, available from 9:00 am to 8:00 pm, offering treatments that promise interstellar bliss.
  • Heavenly Culinary Delights: Guests can enjoy exquisite culinary experiences at Nova’s à la carte venues, Mizu and Flames, with special menus that elevate the festive season to celestial heights. Mizu, the breathtaking overwater teppanyaki restaurant, will offer an Everyday Sake Pairing Set Menu with two seatings (6:30 pm to 8:00 pm and 8:30 pm to 10:00 pm) along with a special Japanese Gastronomy Set Menu on December 31st. Additionally, a once-in-a-lifetime Sandbank Getaway private dining experience will be available daily, where guests can dine on a secluded sandbank surrounded by the Indian Ocean, savoring gourmet dishes while taking in the surreal views of the cosmos.
  • Magical Festive Experiences: Nova’s festive offerings are crafted to provide a magical and bespoke holiday experience. Highlights include private stargazing sandbank trips, cruises, astro experiences, night-time fluro snorkeling, stargazing from Wink beach, tea ceremonies, live music performances, and outdoor movie nights under the stars.

Situated in the heart of the South Ari Atoll, Nova’s remote island is deeply connected to nature and rooted in soulful connections. Surrounded by crystal-clear waters and lush greenery, the island offers a sanctuary where guests can reconnect with nature, their inner selves, and others. The pristine environment, free from the distractions of modern life, provides an ideal backdrop for a profound connection with the cosmos. Here, starlit skies, rhythmic waves, and the gentle whisper of palms create a symphony that resonates with the soul. This harmonious blend of natural beauty and cosmic wonder makes Nova the perfect destination for a festive celebration that is both enriching and enchanting.

Whether exploring ocean depths, savoring gourmet delights, or embracing the warmth of community spirit, this festive season at Nova promises an unforgettable celebration of cosmic wonder and soulful connection.

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