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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.
Reethi Faru Resort has announced three medal wins by members of its culinary team at the Hotel Asia Culinary Challenge and the FHAM Global Culinary Challenge.
At the Hotel Asia Culinary Challenge, Chef Rohit Kabdal received a Gold Medal in the Decorated Cake category, recognising his work in cake design, presentation and technical execution.
Chef Abhishek Sharma also represented Reethi Faru Resort at the competition, earning a Bronze Medal in the Hot Cooking Fish category.
At the FHAM Global Culinary Challenge, Chef Mayank Bijalwan secured a Silver Medal in the Dress the Cake category, adding a third medal to the resort’s recent culinary achievements.
The results highlight the range of skills within Reethi Faru Resort’s culinary team, spanning pastry, cake presentation and hot kitchen techniques.
According to the resort, participation in professional culinary competitions provides its chefs with opportunities to develop their skills, exchange knowledge and test their abilities alongside other industry professionals.
The achievements also form part of Reethi Faru Resort’s wider focus on dining and guest experience, with its culinary team involved across the resort’s restaurants and food and beverage offerings.
Reethi Faru Resort congratulated Kabdal, Bijalwan and Sharma on their respective achievements, describing the results as recognition of their commitment, technical ability and creativity.
The three medals add to the resort’s recent culinary accolades and reflect its continued emphasis on professional development within its kitchen team.
Ifuru Island Maldives will celebrate the 2026 festive season with “Echoes of the Ocean and Stars”, an immersive Christmas and New Year programme running from 21 December 2026 to 10 January 2027.
Inspired by the natural beauty of the Maldivian ocean, the night sky and the festive season, the theme will bring together marine and celestial elements across the resort’s décor, entertainment, dining, activities and guest experiences.
At the centre of the concept is the idea that the ocean carries memories, while the stars represent dreams and new beginnings. Rather than presenting the festive season as a series of standalone events, Ifuru Island plans to create a connected journey spanning Christmas, New Year and Orthodox Christmas.
The visual identity of “Echoes of the Ocean and Stars” will combine an underwater-inspired world with celestial elements. Bioluminescent-inspired colours, reef motifs and glowing details will be paired with stars, constellations and moonlit features throughout the resort.
The colour palette will include deep ocean blue and midnight navy alongside pearl white, silver, soft turquoise, pink and purple, with accents of celestial gold. Coral forms, waves, shells and reef-inspired features will be combined with stars and festive details, giving traditional Christmas elements an interpretation inspired by Ifuru Island’s natural surroundings.
The concept will extend beyond decorations to dining, entertainment, activities, uniforms, signage and festive communications.
The resort said the theme is also intended to reflect the emotions associated with the festive period. The ocean represents peace, connection and possibility, while the stars symbolise hope, dreams, guidance and new beginnings.
The festive journey will begin on 21 December and continue through 10 January, encompassing Christmas, New Year and Orthodox Christmas celebrations.
Christmas Eve on 24 December will feature festive dining and entertainment, while Christmas Day on 25 December will centre on family celebrations and relaxed island experiences.
On 31 December, Ifuru Island will mark New Year’s Eve with the main celebration of the festive period, before welcoming 2027 on New Year’s Day with activities centred around the island setting and surrounding ocean.
Celebrations will continue from 1 to 10 January during the Orthodox festive period, including Orthodox Christmas.
According to the resort, the broader concept is intended to connect the entire guest experience, with the island’s natural environment forming part of the festive setting. The ocean will provide inspiration during the day, while the night sky will shape the atmosphere after sunset.
Dining experiences, entertainment and activities will each form part of the wider “Echoes of the Ocean and Stars” narrative, giving guests different experiences throughout their stay while maintaining a consistent creative theme.
The programme is designed for guests travelling with family, friends or loved ones, with Ifuru Island aiming to combine its natural surroundings with festive celebrations and shared experiences.
The full festive programme, including entertainment, activities, culinary experiences and special events, will be announced separately.
“Echoes of the Ocean and Stars” will run at Ifuru Island Maldives from 21 December 2026 to 10 January 2027. Christmas Eve will be marked on 24 December, Christmas Day on 25 December, New Year’s Eve on 31 December, New Year’s Day on 1 January and the Orthodox festive period from 1 to 10 January 2027.
Milaidhoo Maldives will welcome Chef Laurence Tan, Head Chef of Michelin-starred JAG in Singapore, for two culinary experiences on the island in October.
Tan’s interest in cooking began at home, inspired by his parents and by preparing and sharing food with his family. After experimenting in the family kitchen, he went on to attend culinary school before joining The White Rabbit in Singapore in 2016, where he began developing his professional career.
He later worked at Tower Club before joining JAG in 2020. Working alongside Chef Jeremy Gillon, Tan developed an approach centred on precision, seasonality and the integrity of individual ingredients.
He progressed from Chef de Partie to Junior Sous Chef and later Sous Chef. When Gillon took on an international consultancy in Taiwan, Tan assumed leadership of the JAG kitchen.
He is now Head Chef of the restaurant, which retained its Michelin star in 2026, reflecting the consistency and quality of its cuisine under his direction.
During his visit to Milaidhoo, Tan will introduce guests to elements of JAG’s culinary philosophy while sharing some of the techniques and ideas that shape his cooking.
On 16 October, he will conduct an intimate cooking class, giving guests an opportunity to learn directly from him and explore his approach to ingredients, technique and flavour.
The following evening, on 17 October, Tan will host a five-course dinner limited to 16 guests.
The menu will begin with Hiramasa crudo with tomatoes and sea grapes, followed by Gambero Rosso with Jerusalem artichoke and cashew. Lobster ravioli with lobster bisque will precede Tajima Wagyu MB8 tenderloin with celeriac and black autumn truffle.
Dessert will feature a dark chocolate parfait with buckwheat ice cream and tonka bean. A preserved lemon sorbet will be served between courses, while the evening will open with a leek and potato croustade.
The collaboration reflects Milaidhoo’s culinary philosophy, which places emphasis on craftsmanship, curiosity, shared experiences and the role of dining in creating memorable moments.
The cooking class will take place on 16 October, followed by the five-course chef’s dinner on 17 October, with the latter limited to 16 guests.
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