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Maldives says no dollar crunch, $290 mln secured from global lenders

Published

5 years ago

May 23, 2020

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.

Related Topics:Coronavirus COVID-19 Economy finance Maldives Economy

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From wellness to culture: Cinnamon Hotels & Resorts embodies new era of Maldivian travel

Published

20 hours ago

October 23, 2025

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The Maldives continues to strengthen its position as one of the world’s premier island destinations, achieving global acclaim while maintaining steady growth in visitor arrivals. The country was recently named Best Beach Destination at the World Tourism Awards 2025 in Brussels and ranked among the Top Ten Countries for Food in the Condé Nast Traveller Readers’ Choice Awards 2025.

According to the Ministry of Tourism, the Maldives recorded over 1.7 million tourist arrivals as of 21 October 2025 — a 10% year-on-year increase. The destination is on course to meet its ambitious target of 2.3 million arrivals by year-end, with the final quarter expected to bring the highest influx of visitors as the nation enters its peak travel season.

Sustained demand from key markets including India, China, Russia, and the United Kingdom, alongside rising interest from the Middle East and Europe, continues to fuel this growth. The trend reflects a broader global shift towards experience-led travel, where visitors seek meaningful, immersive stays rather than conventional leisure holidays.

As arrival numbers climb, the focus within the Maldives tourism industry is evolving from volume to value. Hospitality brands are responding by offering experiences that highlight authenticity, sustainability, and cultural engagement. Among them, Cinnamon Hotels & Resorts — which operates four properties across the Maldives — is redefining the concept of island travel through wellness, cuisine, and culture.

The brand’s approach extends beyond accommodation, curating distinctive experiences that deepen the guest journey. From spa rituals rooted in Asian wellness traditions at Mandara Spa and Chavana Spa to private beachfront dinners celebrating the region’s rich culinary heritage, each stay is designed to be both restorative and enriching. Guests who book directly also receive exclusive credits and tailored experiences, reinforcing the Maldives’ growing appeal as a destination for conscious and immersive travel.

This direction mirrors the Maldives’ evolving tourism strategy, which prioritises authenticity and quality over volume. As the nation edges closer to another record-breaking year, its success lies not only in the number of arrivals but in its ability to offer enduring, high-calibre experiences — a vision shared by Cinnamon Hotels & Resorts as it continues to shape the future of island hospitality across the region.

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Centara Maldives unveils bespoke National Day escapes for UAE holidaymakers

Published

23 hours ago

October 23, 2025

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As one of the most notable occasions in the GCC calendar, UAE National Day presents the perfect opportunity to plan a dream island getaway at one of Centara Hotels & Resorts’ Maldivian destinations. Travellers can discover their own piece of paradise across four distinctive properties: Centara Grand Lagoon Maldives, Centara Mirage Lagoon Maldives, Centara Ras Fushi Resort & Spa Maldives, and Machchafushi Island Resort & Spa Maldives, The Centara Collection. Each resort offers a seamless blend of elegance, comfort, island activities, and rejuvenating spa experiences — the ideal way to celebrate the spirit of the occasion with a tropical touch.

Centara Grand Lagoon Maldives

Located a short speedboat ride from Malé International Airport, Centara Grand Lagoon Maldives provides an elegant island retreat ideal for celebrating special moments with family and friends. The resort features a range of overwater villas and beachfront residences, each complete with a private pool, jacuzzi, or both — offering guests an opportunity to truly unwind and disconnect from the outside world.

Set within The Atollia by Centara Hotels & Resorts, the resort offers an array of experiences, from exciting water sports and excursions to restorative wellness treatments at the tranquil SPA Cenvaree Retreat. Dining choices include international buffets at The Gallery, modern Mediterranean flavours at Bluefin, and light bites at Coco Drift’s swim-up bar. Guests can also toast to the occasion with a refreshing drink at Sunset Social.

In celebration of UAE National Day, Centara Grand Lagoon Maldives invites guests to reconnect with loved ones through an exclusive stay package. Guests booking before 15 December for stays until 20 December can enjoy four nights for the price of three or seven nights for the price of five, with complimentary round-trip transfers included.

Additional benefits include:

Upgrade to the Half Board Plus meal plan when booking a Room with Breakfast
Club access
Complimentary sparkling beverage at Sunset Social on the first evening
One complimentary couples’ treatment at SPA Cenvaree Retreat
A 15% discount and triple points for CentaraThe1 members

Centara Mirage Lagoon Maldives

Nestled in the scenic North Malé Atoll, Centara Mirage Lagoon Maldives offers a vibrant, underwater world-themed escape perfect for families. The resort combines play and relaxation through its lazy river, splash zones, and water playgrounds, alongside the acclaimed SPA Cenvaree, a Candy Spa for children, and a lively kids’ club. Accommodation includes oceanfront and overwater villas, complemented by diverse dining experiences.

Families can enjoy the ultimate island holiday where children stay, play, and dine for free on all stays before 15 December. Perfect for the UAE National Day long weekend, the offer includes:

Special room rates
Complimentary round-trip speedboat transfers
Free stays and meals for up to two children aged 11 and under
A 15% discount and triple points for CentaraThe1 members

Centara Ras Fushi Resort & Spa Maldives

For couples and solo travellers seeking tranquillity, Centara Ras Fushi Resort & Spa Maldives offers an adults-only sanctuary designed for relaxation and connection. Guests can wake to panoramic sea views from oceanfront or overwater villas with direct lagoon access. The resort features world-class dining, a yoga pavilion, award-winning SPA Cenvaree, and water sports including windsurfing, parasailing, and snorkelling.

To mark UAE National Day, guests can take advantage of 30% off all villas (and 45% off for CentaraThe1 members), along with 50% off transfers for stays of two to four nights. The package also includes:

Sparkling beverage and fresh fruit upon arrival in overwater villas
A three-course poolside dinner under the stars for Half Board Plus guests and above
Buy-one-get-one-free spa treatments
20% discount on food and beverages
10% off water sports and excursions
Complimentary snorkelling and kayaking equipment

Bookings and stays are valid until 10 January 2026.

Machchafushi Island Resort & Spa Maldives, The Centara Collection

Set amidst breathtaking ocean views and a UNESCO-protected marine reserve, Machchafushi Island Resort & Spa Maldives, The Centara Collection caters to adventure seekers and nature enthusiasts alike. Home to an award-winning house reef and several renowned dive sites, guests can spend their days exploring coral reefs or discovering a historic shipwreck, followed by spa treatments and gourmet dining.

Guests can enjoy 45% off flexible rates for CentaraThe1 members and 30% off for non-members, along with 30% off seaplane transfers for stays of two to six nights until 10 January 2026.

The offer includes:

Handmade chocolates and tropical fruit upon arrival in overwater or pool villas
A complimentary picnic lunch for families or a private beach dinner for couples (Half Board Plus and above)
Buy-one-get-one-free spa treatments
Complimentary stays and meals for children aged six and under
20% discount on à la carte dining and floating breakfasts (Club Pool Villas only)
10% discount on water sports and excursions
Complimentary snorkelling gear and kayak use

For more information or reservations, guests can visit Centara Hotels & Resorts and explore exclusive UAE National Day offers available across all Maldivian properties.

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Holistic journeys at One&Only Reethi Rah: Year of global wellness expertise

Published

2 days ago

October 22, 2025

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One&Only Reethi Rah invites guests to continue their wellness journey at the renowned One&Only Spa, which has recently received a prestigious five-star rating from the Forbes Travel Guide — the first and only spa in the Maldives to earn this recognition. Surrounded by tropical greenery, the spa offers a tranquil retreat where ancient healing practices meet modern techniques, providing tailored treatments that promote lasting wellbeing.

Throughout the year, One&Only Reethi Rah has hosted leading international wellness practitioners, and the remainder of 2025 will feature an inspiring series of experiences guided by acclaimed experts. From holistic therapies and Ayurveda to Pilates, yoga, Barre, and CrossFit, each visiting specialist brings unique expertise and methodology to the island, delivering highly personalised sessions designed around each guest’s individual needs.

Beginning in October, Ayurveda specialist Dr Shreejit Ghadigaonkar will offer personalised consultations and treatments based on one of the world’s oldest healing systems, using herbal remedies, massage, and holistic therapies to restore balance. During the same period, Shannon Fenton, a Pilates and yoga instructor, will lead mindful movement sessions to enhance posture, body awareness, and overall wellbeing.

In November, bespoke fitness coach Nicky Holender will introduce tailored programmes focused on strength, endurance, and motivation, while holistic therapist Darya Gudkova will offer deeply restorative treatments combining Eastern traditions with a contemporary understanding of anatomy and psychology.

The season will continue into December and January with Sanam Heravi, a STOTT-certified Barre specialist, whose sessions use intelligent movement to support rehabilitation and life transitions. Guests seeking high-intensity training will be able to train with Zubaid Toefy, a CrossFit coach with a background in Muay Thai and Olympic weightlifting, known for his dynamic and disciplined approach.

Each visiting practitioner contributes distinct expertise to the spa’s offerings, enabling guests to explore individual paths towards vitality, clarity, and inner balance

Whether guests are beginning a new wellness journey or deepening established rituals, the One&Only Spa provides a setting for intentional transformation. From sunrise yoga sessions to deeply restorative treatments, every moment is designed to strengthen the connection between mind, body, and nature within the serene environment of the Maldives.

For guests seeking advanced skincare, the spa also presents a curated selection of facial treatments that combine cutting-edge technology with high-performance formulations. Through partnerships with globally renowned brands such as Augustinus Bader, the spa offers rejuvenating therapies that leave the skin feeling nourished, firm, and radiant.