Featured

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

Published

6 years ago

June 10, 2020

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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Awards

Atmosphere Core earns triple honours at Layalina Editor’s Choice Awards

Published

2 days ago

February 4, 2026

m@ldives

Atmosphere Core concluded 2025 with a strong industry showing, securing three major honours at the Layalina Editor’s Choice Awards 2025 for RAAYA by Atmosphere, Atmosphere Kanifushi Maldives and OBLU XPERIENCE Ailafushi. The accolades underscore the group’s ability to deliver clearly differentiated resort concepts for diverse traveller profiles, while maintaining a consistent emphasis on quality, comfort and guest satisfaction across its portfolio.

At the awards, RAAYA by Atmosphere was named Best New Luxury Resort of the Year – Maldives. Atmosphere Kanifushi Maldives received the title of Best All-Inclusive Luxury Resort, while OBLU XPERIENCE Ailafushi was recognised as Most Stylish Resort – Maldives. The honours are based on Layalina’s independent editorial assessment and established quality benchmarks, celebrating excellence across luxury hospitality, all-inclusive offerings and lifestyle-led design. Layalina is a leading Arab lifestyle publication under 7awi Media Group, with a strong readership and influence across the GCC and wider region.

Collectively, the awards highlight Atmosphere Core’s understanding of evolving travel expectations, delivering experiences that are thoughtful, well-crafted and easy to enjoy, whether guests are seeking tranquillity, variety or social energy.

Each of the recognised resorts brings a distinct identity to the group’s Maldivian portfolio. RAAYA by Atmosphere, located in the Raa Atoll, is defined by its serene environment and castaway-artist concept, encouraging guests to slow down and reconnect through nature, creativity and adventure. Atmosphere Kanifushi continues to stand out for its scale and consistency, offering a generous all-inclusive experience through the Kanifushi Plan™, expansive villas and a long, natural island setting that appeals to both families and couples. In contrast, OBLU XPERIENCE Ailafushi delivers a more dynamic island escape, characterised by contemporary design and a lively social atmosphere that resonates with travellers drawn to shared spaces, movement and modern aesthetics. Together, the accolades reflect a carefully curated portfolio designed to cater to a wide spectrum of travel moods and preferences.

Commenting on the achievement, Ashwin Handa, Chief Operating Officer of Atmosphere Core, said the group was honoured to receive the Layalina Editor’s Choice Awards 2025, recognising the three resorts across distinct categories. He noted that the recognition reflects the company’s carefully curated experiences, shaped by a strong sense of product, space and genuine care, and credited the passion and commitment of the teams, as well as the continued trust of guests, for the achievement.

Central to these successes is Atmosphere Core’s philosophy of the Joy of Giving, which positions hospitality around care, generosity and attention to detail. This approach informs destinations that feel closely connected to their natural surroundings and supports bespoke experiences that anticipate guest needs. The result, the group says, is a style of hospitality that is welcoming, effortless and personal, creating meaningful moments that endure beyond the stay itself.

Featured

The Standard, Maldives brings Lunar New Year energy to Raa Atoll

Published

2 days ago

February 4, 2026

m@ldives

The Standard, Maldives will mark the Lunar New Year this February with a week-long celebration that invites guests to swap urban festivities for the turquoise waters of the Raa Atoll. Taking place from 17 to 22 February, the programme will transform the island resort into a festive setting that blends time-honoured traditions with the brand’s playful and contemporary character.

Designed to move beyond a conventional island escape, the celebrations will open with lively visual touches, including jumping stilts and fortune cookies, setting the tone for a week where Maldivian tranquillity meets the spirit of East Asian culture. Throughout the programme, guests will be immersed in a series of experiences that combine culinary creativity, entertainment and cultural expression.

Food takes centre stage in the Lunar New Year offering, with a diverse line-up of dining events curated to engage all the senses. Highlights include an Asian Street Food buffet inspired by classic Chinese motifs, alongside more refined beachfront experiences such as five-course Crab Night and Lobster Night dinners at Kula Beach. Interactive elements are also woven into the programme, with Tangyuan Time at Joos Café inviting families to prepare traditional sweet glutinous rice balls together, while younger guests can participate in a dedicated mocktail-making masterclass.

Evenings at the resort will be defined by high-energy entertainment and cultural performances. Todis Beach will host LED and fire shows, complemented by special Chinese dance performances that illuminate the shoreline after dark. Adding a local dimension to the celebrations, Maldivian Boduberu drumming will feature prominently, creating a rhythmic fusion of regional and international traditions. For guests seeking a more relaxed pace, the programme also includes a Lunar New Year Movie Night at the main pool and a Bingo Night at Todis Bar.

Commenting on the celebrations, Sonika Adlakha, Commercial Director of The Standard, Maldives, said the aim was to create a Lunar New Year experience that feels both authentic and adventurous. She noted that by combining the dynamic energy of street food markets and fire shows with the calm luxury of a Maldivian retreat, the resort is offering guests a distinctive way to welcome the Year of the Horse.

To complement the festivities, the resort is offering a Premium All-Inclusive Package, designed to provide seamless access to the week’s dining and entertainment programme. The package includes the full range of culinary experiences, from Asian Street Food stalls to themed buffets at Kula, as well as a selection of premium spirits, cocktails and refreshments. This offering allows guests to fully immerse themselves in the celebrations while enjoying the freedom to experience the Lunar New Year at The Standard, Maldives without limits.

Featured

Four Seasons Maldives brings Fire Horse energy to Lunar New Year celebrations

Published

2 days ago

February 4, 2026

m@ldives

Four Seasons Resorts Maldives will welcome the Year of the Fire Horse with a week of Lunar New Year celebrations across Landaa Giraavaru and Kuda Huraa. Taking place from 16 to 24 February 2026, the programme will see both islands animated by the vibrant energy associated with this rare zodiac year.

Bold and spirited, the Fire Horse symbolises momentum, confidence and fresh beginnings. The celebrations are designed to reflect these qualities through a blend of cultural tradition, island elegance and family-focused experiences, positioning the Maldives as a fitting setting for the festive season.

Marking a first for the Maldives, the resorts will host an exclusive pop-up by Beijing’s Michelin-recognised Baiweiyuan Dumpling Restaurant, operating concurrently at both islands. Long celebrated in Beijing for its handmade dumplings and comforting soups, Baiweiyuan will present a menu featuring signature pork and chive dumplings, beef and onion fillings, and vegetarian options such as egg and tomato. Cold starters, including soy-braised pork trotter, will complement the experience.

Prepared fresh to order, the dumplings introduce an authentic taste of Beijing to the Indian Ocean, offering a culinary highlight that reflects the warmth and generosity associated with the Fire Horse.

Lunar New Year at Kuda Huraa

16–24 February 2026

At Kuda Huraa, Lunar New Year celebrations will unfold throughout the week in a lively, festival-style programme. Events begin with a Reunion Dinner at Café Huraa, followed by themed dining evenings, outdoor cinema screenings, a Pool Party and a Pop-Up Asian Market.

Evenings will include experiences such as a Secret Beach BBQ under the stars, a Mediterranean Market at Reef Club and an Asian Buffet at Café Huraa. Baiweiyuan’s dumpling pop-up will be available daily, allowing guests to enjoy the flavours of Beijing throughout the celebrations.

Kuda Huraa highlights include:

Reunion Dinner on 16 February
Family Feast Lunch, Seafood Night and Asian Buffet
Secret Beach BBQ and Mediterranean Market
Pool Party with DJ on 18 February
Pop-Up Asian Market and outdoor movie nights
Daily Baiweiyuan Dumpling pop-up

The Kuda Mas Kids Club will also host a two-week Fire Horse–inspired festival for younger guests, featuring activities such as lantern painting, snorkelling adventures, arts and crafts, dumpling making, tie-dye workshops, karaoke evenings and beach games. The programme is designed to encourage creativity, confidence and fun.

Lunar New Year at Landaa Giraavaru

16 February 2026

Landaa Giraavaru will welcome the New Year with a poolside celebration from 7.00pm to 10.30pm, featuring a Dragon Dance, live DJ and lantern-lit setting around the main pool. A Yu Sheng prosperity toss will symbolise abundance and good fortune, while live cooking stations will showcase celebratory flavours prepared by the resort’s culinary team.

Landaa Giraavaru highlights include:

Poolside Lunar New Year celebration
Dragon Dance performance
Live DJ and festive ambience
Yu Sheng prosperity toss
Culture-inspired welcome drinks
Baiweiyuan Dumpling pop-up available throughout the week

Across both islands, Lunar New Year at Four Seasons Resorts Maldives is designed to bring families and friends together in the spirit of prosperity, connection and shared celebration. Guests are invited to welcome the Year of the Fire Horse through traditions that honour luck, abundance and meaningful togetherness.