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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.
Angsana Velavaru has received the British Airways Holidays Customer Excellence Award 2025, recognising the resort for consistently high levels of guest satisfaction and service.
The award is based on verified customer feedback and reflects guest experiences at the resort. Angsana Velavaru achieved an overall score of 4.8 out of 5, with recognition given for service delivery, attention to detail and guest care throughout the stay.
Located within a lagoon in South Nilandhe Atoll, the resort offers a range of accommodation options, including beachfront villas with direct beach access and its InOcean Villas, situated approximately one kilometre from the main island. These overwater villas provide a more secluded setting with open ocean views.
The resort caters to a variety of travellers, including families, couples and individual guests. Family-oriented programmes and shared activities are available, while other guests can take part in leisure, wellness and exploration experiences. Through its 101 Things To Do programme, guests can engage in activities such as snorkelling, marine excursions, cultural experiences and wellness sessions.
The surrounding reef environment provides opportunities for marine exploration, while the resort’s service approach focuses on delivering personalised guest experiences. This combination of natural setting and service delivery forms a central part of the resort’s offering.
The British Airways Holidays Customer Excellence Award is presented to hotels that achieve high customer ratings, serving as an indicator of guest satisfaction within the travel sector. For Angsana Velavaru, the recognition reflects its continued focus on maintaining service standards and delivering consistent guest experiences.
The resort continues to position its offering around accessibility to nature, varied experiences and a service model aimed at supporting guest comfort and engagement throughout their stay.
Eri Maldives is located within the waters of North Malé Atoll and is surrounded by a house reef accessible to both beginner and experienced divers. With four direct reef entry points and shore access, the resort offers opportunities for snorkelling, introductory dives and certified diving.
The house reef supports a range of marine life, including white-tip and black-tip reef sharks, nurse sharks, hawksbill turtles, mobula rays and spotted eagle rays, as well as schools of reef fish. The accessibility of the reef allows guests to explore the area over multiple days, providing opportunities to observe marine behaviour and habitats over time.
Turtle encounters
Hawksbill turtles are among the most frequently observed species on the reef. The resort’s dive team has identified 14 individual turtles, each recognised by shell patterns and physical features. These include turtles known as Rosie, Cara and Anna, which have been documented through repeated sightings.
The resort maintains records of these turtles, allowing returning guests to identify individuals over time. Guests may also contribute to this initiative by naming newly identified turtles that have not previously been recorded.
Manta ray season
From December to April, manta rays are known to visit cleaning stations at Bodu Hithi Thila, located approximately one hour by boat from the resort. During this period, ocean conditions support plankton flows that attract mantas to the area, where they can be observed feeding or visiting cleaning stations.
Night diving experiences
Night snorkelling and diving activities provide a different perspective on reef activity. Species such as reef sharks, trevallies, moray eels and nurse sharks become more active after dark, offering guests the opportunity to observe nocturnal marine behaviour.
At Eri Maldives, marine experiences form a central part of the guest offering, with the house reef providing consistent opportunities for exploration. The resort’s dive programme is designed to support repeated interaction with the marine environment, allowing guests to experience a range of underwater activity throughout their stay.
Accommodation is available in studio and beach villa categories, with full board packages offered for direct bookings, subject to availability.
The Halcyon Private Isles Maldives, Autograph Collection has announced a collaboration with Ahmed Aleem Shakoor, who is currently in residence at the resort, introducing a creative element to the guest experience.
Aleem, a self-taught artist, is known for work that combines maritime themes, surrealism and symbolism. His practice spans watercolours, acrylics and mixed media, drawing inspiration from the Maldives’ history and ocean landscapes, often expressed through the use of light, depth and narrative.
During his residency, Aleem is working with the resort to develop a series of artistic and cultural experiences aimed at engaging guests. These include live painting sessions, informal interactions with the artist and workshops designed to encourage creative participation.
The programme forms part of the resort’s wider activities, with offerings such as mini canvas painting, coconut painting and creative art sessions available to guests. In addition, Tales Painted in Sunlight combines elements of Maldivian folklore, storytelling and visual art, providing further insight into local culture.
The collaboration reflects the resort’s approach to incorporating local artistic talent into its programming, while offering guests opportunities to engage with creative activities in a relaxed setting. The residency is designed to allow guests to explore artistic expression as part of their island experience.
As part of its seasonal programme, selected artistic activities are also included in the resort’s Easter offerings, providing additional opportunities for guests to take part in creative experiences during their stay.
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