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Maldives says no dollar crunch, $290 mln secured from global lenders
Finance officials in Maldives assured Saturday that the country will not face a dollar shortage despite its economy being battered from the coronavirus pandemic, citing $290 million in financing secured from international lenders.
Finance minister Ibrahim Ameer told reporters that the country’s reserves stood at some $800 million, out of which $231 million were usable.
He said he was in talks with bilateral lenders and international financial institutions to procure some $290 million in loans and financial aid.
“The funds have been secured,” the minister said.
The country has already received $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, $600,000 from the Asian Development Bank.
Grants already received include MVR 21.74 million ($1.4 million) from Japan, CAD 100,000 ($71,129/ MVR 1 million) from Canada, $2 million from the United States, and €3 million ($3.28 million) from the European Union.
International Islamic Trade Finance Corporation (ITFC), an affiliate of the Islamic Development Bank, has also arranged a $15 million credit line to State Trading Organisation (STO), the government’s main trading and procurement arm.
The government expects to receive:
- Asian Development Bank: $27.60 million
- Asian Infrastructure Investment Bank: $5 million
- Islamic Development Bank: $25.59 million
- SAARC Development Fund: $1.50 million
- European Investment Bank: $20 million
A $50 million facility is also being arranged for the Bank of Maldives (BML), the country’s main commercial bank, from the International Finance Corporation (IFC), the private sector arm of the World Bank Group.
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.
The government had announced plans to shave MVR 5 billion ($324 million) off state expenditure and reduce the total state expenditure for the year to MVR 30 billion ($1.944 billion) from the approved MVR 38.7 billion ($2.5 billion).
Austerity measures include a 20 per cent cut on salaries and allowances of all political appointees, 25-35 per cent cuts on salaries and allowances of public sector employees, and 30-70 per cent cuts across travel, training, renovations and capital equipment budgets.
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 1,274.
Four deaths have been reported and 109 have made full recoveries. Five remain in intensive care.
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.
Barceló Nasandhura Malé has been awarded Best City Hotel at the TTM Awards 2025, held on 28 August at Adaaran Select Hudhuran Fushi.
The recognition reflects the passion, hard work, and dedication of the team at Barceló Nasandhura, whose commitment to excellence has been evident since the property opened earlier this year. The hotel has focused on creating memorable guest experiences and setting new standards for city hospitality, which contributed to this achievement.
The TTM Awards, part of the Maldives’ largest travel trade show, celebrates the country’s hospitality sector across 28 categories, bringing together leading travel and tourism professionals from the region.
As it marks this milestone, Barceló Hotel Group reaffirmed its dedication to shaping the future of city hospitality in Malé.
Sun Siyam has unveiled a milestone transformation as it celebrates 35 years of Maldivian hospitality. More than a visual refresh, the brand’s evolution introduces a new statement anchored in The Home of the Maldivian Spirit, reinforcing its position as one of the Maldives’ most culturally authentic resort operators. The transformation enhances guest journeys through the introduction of Signature Experiences across all six resorts and strengthens customer relationships via Siyam Rewards.
The group has unified its five Maldivian resorts and Sri Lankan retreat under a single identity, The House of Siyam. To provide greater clarity for guests and partners, properties are now grouped under three distinct collections: Luxury, Privé, and Lifestyle.
- Luxury Collection: Representing the highest calibre of island indulgence, led by Sun Siyam Iru Fushi, this collection offers premium exclusivity.
- Lifestyle Collection: Designed for energetic adventure and diverse experiences, Sun Siyam Olhuveli and Siyam World form part of this portfolio.
- Privé Collection: Centred on privacy and bespoke comfort, Sun Siyam Iru Veli, Sun Siyam Vilu Reef, and Sun Siyam Pasikudah in Sri Lanka comprise this category.
A central feature of the transformation is the introduction of Signature Experiences, designed to extend beyond villa stays and integrate Maldivian heritage and imagination into every visit. Guests may participate in Maldivian Roots, a weekly culinary and cultural series, book the Maldives’ first overwater photo studio, the Insta Villa, or enjoy the atmosphere at the Sun Siyam Beach Club. Other offerings include the Wow Welcome, Hidden Treasure Chests, Plant Based Bliss dining, and Moonlit Cinemas.
The brand has also launched Siyam Rewards, a digital membership programme offering personalised itineraries, room upgrades, and optional carbon offsets. Members benefit from rewards starting with their first booking. Each stay contributes to marine conservation and community projects through the group’s sustainability initiative, Sun Siyam Care.
Reflecting on this milestone, Ahmed Siyam Mohamed, Founder, Owner & Managing Director, said, “When we founded Sun Siyam in 1990 and later opened our first resort in 1998, our goal was simple: to share the warmth of our islands and our people with the world. This transformation keeps that soul alive while giving us the space to innovate for the next generation of free-spirited travellers.”
Chief Executive Officer Deepak Booneady added, “This rebrand is not just about design, it is about experience. It is about cultural authenticity, purpose-driven hospitality and creating moments that spark joy. With the Maldives’ widest choice of villas, the region’s most generous premium all-inclusive plan and now our Signature Experiences, we are setting the stage for the future of island travel.”
The redesigned website, sunsiyam.com, brings the new brand identity across all touchpoints with a look and feel that is both distinctly Maldivian and modern.
The rebrand was developed with leading industry experts: JHAGGER&CO as brand advisors; StudioSixty7, led by Lee McNichol and Jose Rivero, for interior restyling; and Dominik Ruhl, a Maldives hospitality pioneer, for operational standards and experiences. Implementation was carried out by Sun Siyam’s operations team, General Managers, Resort Managers, and brand, sales, marketing, and public relations teams, coordinated by Abdulla Thamheed, VP of Operations.
The outcome is a design system that retains Maldivian heritage while embracing a contemporary edge.
The St. Regis Maldives Vommuli Resort has been named ‘Best Design Resort’ at the TTM Awards 2025, an accolade that recognises architectural excellence combining innovation with distinctive aesthetics. The award highlights the resort’s position as one of the Maldives’ most striking luxury properties, known for its design vision and refined guest experiences.
Located on a private island in Dhaalu Atoll, the resort is distinguished by its architectural concept created by Singapore-based WOW Architects. Its design draws inspiration from the natural environment of the Maldives, incorporating organic forms and local motifs with a modern interpretation. Among the resort’s most notable structures are the Whale Bar, shaped in the likeness of a whale shark, and the overwater Iridium Spa, designed to resemble a seashell, both exemplifying the seamless integration of luxury and nature.
The property’s design approach extends across its 77 private villas, positioned to offer either ocean or jungle views. Each villa is designed to blend with the island landscape, integrating sustainable elements while maintaining comfort, privacy, and style. The resort’s spaces reflect a balance between contemporary lines and Maldivian influences, creating a distinct sense of place.
The TTM Awards, presented annually during Travel Trade Maldives (TTM), recognise outstanding contributions to the region’s hospitality sector. This year’s award reinforces The St. Regis Maldives Vommuli Resort’s reputation as a leader in design and attention to detail.
Since its opening, the resort has become known for uncompromising luxury, featuring celebrated dining options, an extensive wine cellar, and curated experiences supported by the signature St. Regis Butler Service. The recognition at the TTM Awards 2025 further strengthens its status as a global benchmark in design-led hospitality.
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