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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.
Machchafushi, meaning ‘Fish Island’ in Dhivehi, encapsulates the essence of this serene retreat in South Ari Atoll. As part of The Centara Collection, Machchafushi Island Resort & Spa embodies the true spirit of the Maldives, offering guests an intimate connection with the ocean, marine life, and the island’s cultural heritage.
Situated within the South Ari Marine Protected Area (SAMPA), a UNESCO-recognised site, Machchafushi provides year-round access to remarkable marine experiences, vibrant coral ecosystems, and unforgettable underwater explorations, including the famous Kudhimaa shipwreck. Once a secluded, uninhabited island, Machchafushi holds a special place in the cultural landscape of the Maldives. Today, as part of this protected marine reserve, it continues to remain authentic, sustainable, and deeply rooted in its natural surroundings.
Marine life is at the heart of the Machchafushi experience. The island offers some of the world’s highest whale shark resighting rates, with encounters available throughout the year. Guests may also encounter graceful manta rays and a colourful abundance of tropical fish drifting through crystalline waters. Encircled by a renowned house reef—stretching nearly five times the island’s size—the area is home to over 1,000 species of fish and 200 varieties of coral, creating an underwater paradise.
South Ari Atoll is celebrated as one of the Maldives’ finest diving regions, featuring over fifty dive sites teeming with marine life. Kudarah Thila presents a UNESCO-protected labyrinth of overhangs and swim-throughs populated by fusiliers and snappers, while Broken Rock captivates divers with its dramatic canyon of corals and macro life, ideal for underwater photography. Dhigurah Beyru and Maamigili Corner are noted for encounters with whale sharks, manta rays, and occasionally dolphins. The 52-metre Kudhimaa Wreck has evolved into a thriving coral habitat, now home to lionfish, batfish, groupers, and the well-camouflaged stonefish and frogfish. Nearby, Anemone Alley flourishes beneath the seasonal seaplane platform, forming a vibrant ecosystem that draws snorkellers and divers alike. The house reef remains the beating heart of Machchafushi—a world-class natural wonder beneath the waves.
Beyond the ocean, the island tells a story of its own. At its centre stands a centuries-old Banyan Tree, known locally as the Ummeedhu Tree, or ‘Wish Fulfilment’. This living symbol invites guests to pause and reflect, taking part in the Sacred Thread Ceremony, where wishes and intentions are tied to the tree’s branches—creating a bond that endures long after their stay.
Sustainability is woven into every aspect of Machchafushi’s philosophy, ensuring the preservation of both its natural beauty and cultural legacy. Every sunrise, dive, and golden thread tied to the Ummeedhu Tree becomes part of a continuing narrative—one that celebrates the Maldives’ heritage and invites guests to create lasting memories in harmony with nature.
Sun Siyam Olhuveli will transform into a realm of ancient legends and eerie excitement this Halloween with its themed celebration, The Return of the Mummy. Guests of all ages will have the opportunity to take part in two days of themed activities, family games, and live entertainment throughout the resort.
The highlight of the celebration will be a beachfront performance by Swedish DJ and rising international talent Caroline Roxy. A multifaceted artist—DJ, singer-songwriter, producer, fashion designer, and former model—Caroline is known for fusing energetic electronic beats with pop-inspired rhythms. Drawing on her musical upbringing and experience performing at festivals in cities such as Stockholm and Los Angeles, she is set to deliver an electrifying performance that promises to bring a captivating energy to the shores of Sun Siyam Olhuveli.
The festivities will begin on 31 October 2025 with a Halloween Beach Fest, featuring mummy-themed games, pumpkin carving, trick-or-treat adventures, and the popular Mummy Dance Freeze for younger guests. As night falls, the Lagoon Bar will become the centre of the celebration, with flickering lights, pulsing music, and a much-anticipated DJ set by Caroline Roxy. Her performance will combine haunting melodies with powerful electronic rhythms, setting the tone for an unforgettable Halloween evening.
Celebrations will continue on 1 November 2025 with treasure hunts, themed cupcake and marshmallow workshops for children, and a sunset pirate cruise. Adults can take part in a Halloween boot camp before the evening concludes with a fire show and live music by Hightides at the Lagoon Bar.
Blending ancient Egyptian mystery with island charm, The Return of the Mummy at Sun Siyam Olhuveli invites guests to experience a unique Halloween adventure where the legends of the past meet the magic of the Maldives.
Bandos Maldives recently marked a significant milestone with two of its most loyal guests, Kate and Andy, who have shared a long-standing connection with the island.
Andy achieved an impressive feat by completing his 900th dive, all undertaken with Dive Bandos. His wife, Kate, surpassed this accomplishment by reaching her 1000th dive, with over 900 of those dives also completed alongside the Bandos team.
The Dive Bandos team joined the couple in celebrating this memorable occasion, recognising not only their dedication to diving but also the enduring bond they have formed with the resort over the years.
Kate and Andy’s relationship with Bandos extends far beyond statistics. Having first visited the island in 2006, they have returned every year since, making Bandos an integral part of their lives. In 2014, the couple even chose to exchange their wedding vows underwater at the resort — a unique moment that forever linked their love story with Bandos.
“Celebrating guests like Kate and Andy reminds us of what Bandos truly represents,” said Ismail Rasheed, General Manager of Bandos Maldives.
For Bandos Maldives, moments such as these exemplify why guests continue to choose the island for both adventure and a sense of belonging. With stories like Kate and Andy’s, Bandos stands not merely as a dive destination, but as a home — both beneath and above the waves.
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