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World Bank pledges $12.8 mln to help virus-hit Maldives workers

World Bank is providing $12.8 million to the Maldives to finance an emergency scheme that allows workers facing job and income losses due to the coronavirus pandemic to get a monthly allowance.
The Covid-19 Emergency Income Support Project, approved by the Washington-based global financial institution’s board on Tuesday, will largely finance the government scheme, which provides temporary support of up to MVR 5,000 ($322) per month to workers who have lost their jobs or income as a result of the coronavirus pandemic.
“The drastic fall in tourism revenues and the constraints necessitated by the Covid-19 containment efforts have dealt a severe blow to low-income households who have lost their jobs or their source of income,” Idah Z. Pswarayi-Riddihough, World Bank Country Director for Maldives, Nepal, and Sri Lanka, was quoted in a statement, as saying.
“This project will support the government’s efforts to deliver cash transfers and food benefits directly to those who need them the most. The project will also strengthen the country’s social welfare system to improve its preparedness for future crises.”
The project will also strengthen the government’s capacity to distribute allowances and other cash transfers. It will enhance administrative systems to give a greater role to local councils in helping people across the archipelago access support.
A new unemployment insurance programme, along with a far-reaching national social protection framework, will also be formulated and launched to help soften the blow on both employers and employees in future emergencies.
The existing retirement pension scheme and other similar programmes will be reviewed to make them more sustainable.
“The current crisis shows the importance of having a safety net for all Maldivians, to prevent people from falling into poverty when times get tough,” Thomas Walker, Senior Economist and Task Team Leader, said.
“This project will help build fiscally sustainable social protection programs that can reach any Maldivian who needs help.”
The total project cost is $12.8 million, including a $6.4 million grant and a $6.4 million credit from the International Development Association (IDA), the World Bank’s concessional credit window for developing countries.
The World Bank had in April approved a fast track package of $7.3 million to help the Maldives prevent, detect, and respond to the pandemic and strengthen its public health preparedness.
Another $10 million in contingency financing was also provided to support the government’s efforts to mitigate the economic and financial impact of the pandemic.
Some 22,000 Maldivians employed in the Indian Ocean tourist paradise’s resorts have lost their jobs or faced income losses due to the coronavirus pandemic, according to a recent UNDP study.
UNDP said the number would increase to 45,000 plus with the inclusion of foreign employees.
Workers in other sectors such as construction are also impacted.
An MVR 2.5 billion stimulus plan, announced in March, includes MVR 1.55 billion ($100 million) in emergency loans for businesses to meet short-term working capital needs.
Under the government’s stimulus plan, emergency loans for businesses with an annual turnover of less than MVR 10 million ($649,000) and self-employed individuals are arranged through the SME Development Finance Corporation (SDFC), a state-owned financial institution exclusive for small and medium enterprises.
Emergency loans for resorts as well as local businesses with a turnover of over MVR 10 million are arranged through Bank of Maldives (BML).
Both SDFC and BML are accepting applications for the emergency finance.
The unsecured loans by BML and SDFC come with a six-month grace period and a repayment period of three years. Interest is charged at six per cent per annum, but no interest is charged during the grace period.
The government initially mandated all businesses that avail the emergency finance to retain their local workforce and pay salaries.
However, the government has since relaxed the eligibility criteria to give “a second chance” to businesses that failed to secure the finance in the first round of applications.
Under the relaxed rules, businesses that agree to rehire axed local employees and give a monthly salary of at least MVR 5,000 ($322) will qualify for the emergency loan scheme. Those that pledge to ensure employee pay will not fall below MVR 5,000 can also apply. =
In addition to the emergency finance, the government’s stimulus plan is complemented by a package of financial measures, including a six-month moratorium on principal and interest repayments for personal, business and housing loans sanctioned by commercial banks.
The government is also subsidising utility bills.
Those that lose jobs due to the coronavirus pandemic will also be paid unemployment benefit for a period of three months.
Meanwhile, the central bank has announced a $150 million facility for banks to ensure healthy foreign currency reserves.
The facility is arranged through a $400 million stand-by currency swap signed by the Maldives Monetary Authority (MMA) and Reserve Bank of India (RBI) last year, he said.
If required, minimum reserve requirement of banks will also be slashed from 10 to five per cent to allow banks to increase lending.
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.
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.
With arrival numbers falling and the visa suspension in effect, several resorts across the Maldives had been closed.
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.
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 Maldives is preparing to reopen its borders to visitors in July.
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 1,942.
Eight deaths have been reported and 1,010 have made full recoveries.
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.
Photo: TTG Asia
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Conrad Maldives Rangali Island achieves PADI Eco Center Certification

Conrad Maldives Rangali Island has been officially certified as a PADI Eco Center, becoming one of only two resorts in the Maldives to receive this recognition in 2025. The certification is awarded to dive resorts that extend their efforts beyond standard operations, with a strong focus on protecting marine environments and raising awareness among future generations.
As part of the certification process, the resort’s team adopted the Conrad House Reef through PADI’s Adopt the Blue programme. A Dive Against Debris clean-up dive was conducted around the reef near Ithaa Undersea Restaurant, during which 10 kilograms of marine litter, primarily plastics and metal fragments, were collected.
The team also joined Green Fins in June 2025 and has since introduced a series of sustainable practices. These include paperless dive check-ins, eco-briefings before excursions, reduced use of plastics through the introduction of glass alternatives, and signage encouraging responsible snorkelling and diving across the dive centre.
Guests are also directly engaged in conservation activities through coral restoration initiatives. In 2025, the team has facilitated 17 coral line adoptions, where participants attend an educational session before attaching coral fragments to nursery lines and assisting with their placement underwater.
Jessica Miller, Marine Biologist at Conrad Maldives, commented: “This certification represents a milestone for us. It’s the result of dedicated teamwork and genuine care for the ocean. Watching our guests become part of the solution, whether through coral planting or learning about local marine life, is what makes this so special.”
Nick Flynn, General Manager of Conrad Maldives, added: “We’re incredibly proud of the team’s achievement in making Conrad Maldives a certified PADI Eco Center. This milestone is part of our long-term commitment to sustainability and a testament to how luxury and environmental responsibility can go hand in hand.”
Ranjit Batra, Chief Executive Officer of Ventive Hospitality, the owning company of Conrad Maldives Rangali Island, highlighted the wider significance of the achievement. He said: “The PADI Eco Center recognition for Conrad Maldives Rangali Island underscores our commitment to protecting marine ecosystems while shaping the future of responsible travel. We are proud of Conrad for leading the way in sustainability across the Maldives.”
The certification strengthens Conrad Maldives’ broader sustainability objectives under Hilton’s Travel With Purpose programme. The resort will continue to offer educational dives, coral adoption opportunities, and conservation briefings, encouraging guests to actively participate in marine protection efforts during their stay.
Conrad Maldives Rangali Island operates under Hilton and is part of Hilton Honors®, the global guest loyalty programme. Hilton Honors members booking directly through official Hilton channels receive a range of benefits, including exclusive discounts, free standard Wi-Fi, flexible payment options combining Points and money, and contactless technology via the Hilton Honors mobile app, which enables digital check-in, room selection, and access.
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Angsana Velavaru recognised as Best Water Villa Resort at TTM Awards 2025

Angsana Velavaru has been named Best Water Villa Resort at the TTM Awards & Gala 2025, presented by Travel Trade Maldives, the country’s leading travel trade platform.
The award acknowledges the resort’s InOcean Pool Villas, the Maldives’ first standalone water villas located one kilometre from the main island. These villas have become a signature feature of Angsana Velavaru, designed to accommodate both couples and families, with private pools, direct access to the ocean, and spacious interiors.
Beyond the architectural concept, the villas are intended to provide guests with a personal and adventurous connection to the surrounding sea. The resort also offers a wide range of experiences through its ‘101 Things to Do’ programme, which includes marine exploration, wellness activities, and culinary experiences. Cultural engagement is a central element, with opportunities for guests to interact with local island communities and traditions. The resort further integrates sustainability through its ‘Stay for Good’ initiatives, which combine environmental care with community involvement.
Commenting on the award, General Manager Ahmed Zahir said: “We are truly honoured to receive this award from the TTM Awards, a platform that embodies the spirit of the Maldivian travel community. This accolade not only celebrates the uniqueness of our InOcean Pool Villas but also pays tribute to the dedication of our team, who work tirelessly to create moments of discovery, connection and meaning for our guests. At Angsana Velavaru, we believe a stay should be more than a holiday—it should become a journey that remains with our guests long after they return home.”
Angsana Velavaru continues to position itself as a destination offering immersive experiences. Guests are invited to explore coral reefs, engage in island life, and create enduring memories in harmony with the natural environment.
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Barceló Nasandhura Malé named Best City Hotel at TTM Awards 2025

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.
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