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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
The Ritz-Carlton Maldives, Fari Islands, is preparing to welcome guests to a week-long Autumn Festival with Halloween-themed celebrations running from 30 October to 5 November. The programme features a variety of activities designed for families, couples, and individual travellers, with events ranging from treasure hunts and creative workshops to wellness sessions and exclusive dining experiences.
The celebrations begin on 30 October with a beachside Tabata workout followed by a pumpkin carving workshop at La Locanda. Activities for children and teens include the Magic of Mantas virtual reality exploration, Haunted Brick Builders, and the Autumn Costume Fashion Show. Parents are invited to a cocktail gathering on the shore before the evening concludes with a Culinary Maestro dinner by Michelin-starred Chef Max Strohe, as part of the resort’s Masters of Crafts series.
On 31 October, guests may join a morning Dynamic Flow Yoga session in the Mystique Garden or take part in a turtle snorkelling excursion. Children between four and twelve are encouraged to join the Flying Fox Quest, a Halloween-themed nature walk, while older children embark on an Island Treasure Quest. Seasonal workshops such as wreath decoration and creative pumpkin carving are available, and the day concludes with a Trick or Treat Treasure Hunt across the island and a Halloween Feast at La Locanda.
As the week progresses, the festival highlights wellness and creativity. Under the Masters of Crafts programme, mobility coach Anthony Green will host sessions on posture, flexibility, and spinal health. Seasonal crafts for younger guests include galaxy-themed pumpkin art, Halloween decorations, wand-making, and mask workshops. Family activities extend to Autumn Carnival Stalls, Magic Hat bowling, and themed cooking sessions. Evening entertainment includes a magic show, a piñata party, and further culinary experiences led by Chef Max Strohe.
The festival concludes on 5 November with a Vinsaya Flow Yoga session in the Mystique Garden, an art class featuring batfish designs on tote bags, and a children’s treasure hunt. Families are invited to join the Boos and Brews Halloween Dhoni Cruise before the celebrations end with a Luxury Sunset Cruise.
Through this programme, The Ritz-Carlton Maldives, Fari Islands, combines seasonal festivities with wellness, creativity, and gastronomy, offering guests a diverse celebration of autumn and Halloween in the Maldives.
Soneva Fushi, situated within the Maldives’ Baa Atoll UNESCO Biosphere Reserve, has been named winner of the SeiBellissimi Art of Hospitality Award as part of The World’s 50 Best Hotels 2025. The accolade is one of two special awards announced ahead of the official ceremony on 30 October. The award is based on votes from more than 800 members of the Academy, who were asked to identify the hotel where they experienced their single-best hospitality moment within the two-year voting period.
The award recognises the quality of service that ensures guests feel cared for throughout their stay. It celebrates the work of a property and its entire team, acknowledging excellence in areas ranging from reception and housekeeping to amenities and food and beverage services. Voters were asked to consider ambience, unique experiential elements, and the warmth of the hospitality on offer.
Soneva Fushi, the original Soneva resort and regarded as the model for barefoot luxury, is located on one of the Maldives’ largest and least developed islands. The resort comprises 71 private villas, either set amidst dense jungle or positioned above the ocean. Guests are invited to embrace a slower pace of life, with experiences ranging from deserted island picnics and wellness treatments at Soneva Soul to curated events under the Soneva Stars calendar.
Emma Sleight, Head of Content for The World’s 50 Best Hotels, said: “This award celebrates the foundation of hospitality and honours the emotional connection that guests have with a hotel and its team. For three decades, Soneva Fushi has been delivering memorable service at the highest level that puts the guest at the heart of every interaction. A mainstay of The World’s 50 Best Hotels list since the awards’ inception, Soneva Fushi is a worthy winner of the SeiBellissimi Art of Hospitality Award, setting a benchmark of all-encompassing excellence one stay at a time.”
Each villa offers extensive indoor and outdoor living space, private pools and ocean views. A distinctive feature of the resort is its Barefoot Guardians – dedicated butlers assigned to each villa to provide personalised service. Available at all times, they arrange every aspect of the guest experience, from zipline adventures and snorkelling at Hanifaru Bay to stargazing at the observatory or dining in one of 14 restaurants. The Barefoot Guardians also manage the Soneva Stars calendar, which hosts international chefs, wellness specialists and sporting figures.
Antony Paton, General Manager of Soneva Fushi, said: “This award belongs to the entire team at Soneva Fushi. It is a reflection of our shared purpose to create moments of joy, connection and wonder every single day. Being recognised by The World’s 50 Best Hotels affirms that the quiet magic we strive for is not only felt by our guests, but remembered. And that, to us, is the greatest reward.”
Giancarlo Mancino, Chief Executive Officer of SeiBellissimi, added: “At Soneva Fushi, hospitality is a seamless extension of a lifestyle deeply rooted in sustainability, wellness and mindful luxury. Founded with a slow life philosophy, every experience here is a tribute to living in harmony with nature, honouring health-conscious principles, and crafting each moment with genuine care. This devotion to sustainable elegance and the art of well-being is the perfect mirror of SeiBellissimi’s own values: Italian craftsmanship, conviviality, and a respect for quality that goes beyond the ordinary.”
The World’s 50 Best Hotels 2025 ceremony will take place at Old Billingsgate in London on Thursday 30 October, where Soneva Fushi will formally receive the SeiBellissimi Art of Hospitality Award.
Minor Hotels, a global hospitality group operating nine resorts in the Maldives, has announced that three of its properties were recognised at the Travel Trade Maldives (TTM) Awards 2025. The annual awards celebrate achievements across 28 categories, with winners selected through votes cast by guests and travel partners.
Niyama Private Islands Maldives received the award for Best Family Resort. The property is known for offering experiences for all ages, with facilities including a playground, splash park, and gourmet kitchen at its children’s club, alongside an extensive schedule of activities. Young guests are provided with age-appropriate experiences such as snorkelling safaris, cooking classes, surf lessons, and outdoor cinema evenings.
Accommodation includes a variety of spacious villas and pavilions, such as the newly renovated Deluxe Family Beach Pool Villa. Combined with diverse dining options, recreational activities, and personalised service, the resort seeks to provide both adventure and relaxation for families.
Avani+ Fares Maldives Resort was named Best Beach Resort, reflecting its setting of white sands, turquoise lagoons, and coconut groves within Baa Atoll, a UNESCO Biosphere Reserve. The resort offers contemporary villas, including Beach Pool Villas and Two-Bedroom Beach Pool Villas, with direct beach access.
Since opening in 2023, Avani+ Fares has aimed to introduce a laid-back approach to Maldivian holidays, combining modern design with the natural environment. Guests can participate in activities ranging from water sports and wellness to dining and cultural programmes.
NH Collection Maldives Havodda Resort was awarded Best Dive Resort, recognised for its accessible house reef and marine biodiversity. Located close to the shoreline, the reef offers opportunities for snorkellers and divers of all levels, with frequent encounters with species such as reef sharks, turtles, rays, and tropical fish.
The resort also provides access to the dive sites of Gaafu Dhaalu Atoll, where PADI-certified instructors guide guests through channels, thilas, and reef walls.
In addition to these three awards, Minor Hotels’ properties received 12 finalist nominations across seven categories. These included its newest addition, NH Maldives Kuda Rah Resort, which was shortlisted in three categories.
The group’s nominations at the TTM Awards 2025 were:
- Best Beach Resort: Avani+ Fares and NH Collection Maldives Havodda
- Best Family Resort: Niyama, Avani+ Fares, and NH Maldives Kuda Rah
- Best Boutique Resort: NH Maldives Kuda Rah
- Best Culinary Resort: Niyama
- Most Picturesque Resort: NH Collection Maldives Havodda
- Best Surf Resort: Niyama
- Best Dive Resort: Avani+ Fares, NH Collection Maldives Havodda, and NH Maldives Kuda Rah
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