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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
Delivering unforgettable travel experiences remains at the heart of hospitality, and Cinnamon Hotels & Resorts in the Maldives has once again been recognised for its commitment to excellence at the Booking.com Traveller Review Awards 2025. Now in its 13th year, the awards are based on over 360 million verified guest reviews, reflecting traveler experiences. As a homegrown brand from Sri Lanka, Cinnamon Hotels & Resorts continues to redefine hospitality in the Maldives with its collection of tropical sanctuaries.
With a rating of 9.3, Cinnamon Hakuraa Huraa Maldives continues to captivate travellers seeking an idyllic island retreat in the Meemu Atoll. This island serves as the perfect getaway for couples seeking ultimate relaxation and escape, while the exclusive 18+ Platinum Island provides an adults-only haven. The Platinum Beach Bungalows offer undisturbed tranquility for those desiring a true escape from the world. The resort’s chic overwater bungalows, complete with glass floors revealing the wonders beneath and private terraces with hammocks, provide an intimate and serene retreat, ideal for honeymooners.
Also earning a rating of 9.3, Cinnamon Velifushi Maldives stands out for its contemporary design, resembling the shape of a manta ray. Vaavu Atoll, the least commercialised atoll in the Maldives, offers quiet beaches and empty dive sites, giving guests the opportunity to experience untouched beauty. The shipwreck at Vaavu Atoll is a popular diving destination, home to a variety of marine life, including fish, corals, and other invertebrates. With a combination of thrilling water sports and laid-back island vibes, Cinnamon Velifushi Maldives serves as a perfect choice for travellers seeking both excitement and relaxation.
Receiving a rating of 9.0, Cinnamon Dhonveli Maldives remains one of the most sought-after destinations in the Maldives, particularly among surfers and ocean lovers. Located just a 20-minute speedboat ride from Malé, the resort is home to the world-renowned Pasta Point, one of the most consistent surf breaks in the region. The island’s lively atmosphere, diverse recreational offerings, and welcoming hospitality make it ideal for families, featuring a dedicated children’s play area that provides a safe and engaging space for fun-filled activities. Whether traveling as a couple, a family, or a group of friends, the resort offers a perfect balance of adventure, relaxation, and unforgettable memories.
With a rating of 8.9, Ellaidhoo Maldives by Cinnamon is recognised as a diver’s paradise, celebrated for its legendary house reef and year-round diving opportunities. Located in the North Ari Atoll, the resort offers one of the best house reefs in the Maldives, attracting diving enthusiasts eager to explore its rich marine biodiversity. The rustic charm of Ellaidhoo, combined with its commitment to marine conservation, provides an authentic island experience where guests can disconnect from the world and reconnect with nature. Whether diving with reef sharks, enjoying beachside dining, or simply soaking in the island’s natural beauty, Ellaidhoo offers a distinctive retreat for underwater adventurers.
Marking the launch of an exciting summer offer, guests planning a Maldivian getaway for a minimum of four nights between May 1, 2025, and October 31, 2026, will receive complimentary speedboat transfers. Additionally, for an elevated travel experience, GHA Discovery membership offers even greater rewards and exclusive benefits. From the moment guests sign up, they can earn and redeem Discovery Dollars (D$), access member-only rates, and enjoy carefully curated local experiences. With privileges available at every membership level, GHA Discovery enhances each stay by offering recognition and unique opportunities to explore the destination in an immersive way.
Combining the warmth of Sri Lankan hospitality with the natural beauty of the Maldives, Cinnamon Hotels & Resorts in the Maldives continues to offer the perfect blend of relaxation and discovery.
THE OZEN COLLECTION has announced that OZEN LIFE MAADHOO has been awarded the Green Globe Gold Certification after maintaining certification for five consecutive years. This prestigious recognition highlights the resort’s unwavering commitment to environmental stewardship, seamlessly integrating world-class luxury with innovative sustainability practices to protect the delicate ecosystems of the Maldives.
At the heart of OZEN LIFE MAADHOO’s achievements lies a comprehensive approach to conservation. The resort’s team of in-house marine biologists leads a coral restoration project aimed at revitalising a 300-meter section of the house reef. This initiative employs 80 coral frames supporting over 2,000 coral fragments. Collaborations with organisations such as Manta Trust, Olive Ridley Project, and Parley, along with an upcoming partnership with Miyaru NGO, strengthen marine protection efforts while guest education programs enhance awareness of ocean conservation.
According to Nuria Camps Suarez, Head Marine Biologist at OZEN LIFE MAADHOO, the coral restoration project represents more than just conservation—it symbolises a commitment to future generations. By restoring the house reef, the resort is actively rebuilding a thriving ecosystem. Partnerships with organisations such as Manta Trust and Parley further amplify the impact, ensuring the preservation of the Maldives’ marine heritage.
The resort also integrates renewable energy solutions, featuring one of the Maldives’ largest floating solar panel systems. This system comprises twelve platforms with 720 panels, supplemented by 1,095 rooftop solar units, collectively generating 30% of the island’s energy requirements and significantly reducing dependence on fossil fuels.
OZEN LIFE MAADHOO’s dedication to a zero-waste philosophy is reflected in its advanced waste management systems. A fully automated organic composter processes three tons of green waste weekly, converting it into nutrient-rich fertiliser, while in-vessel shredders transform garden clippings into compost. Additionally, glass bottles are crushed and repurposed for minor construction projects.
Sustainable dining is also a cornerstone of the resort’s eco-conscious approach. The hydroponic farm enhances gastronomy by growing lettuce and herbs in a soilless system, reducing water consumption from 250 litres to just 50 litres per kilogram. This method meets 70% of the island’s lettuce demand while providing fresh, organic ingredients to its award-winning restaurants.
These sustainability initiatives are seamlessly incorporated into the guest experience, allowing visitors to enjoy bespoke activities such as snorkelling among regenerated reefs and savouring produce from the hydroponic farm—ensuring luxury and environmental responsibility go hand in hand. As OZEN LIFE MAADHOO continues to lead in eco-conscious hospitality, it reinforces THE OZEN COLLECTION’s ethos of ‘Refined Elegance,’ where each stay contributes positively to the planet.
Coco Bodu Hithi, a hospitality resort owned by Maldivians, is renowned for its sleek design and comfort. The resort features expansive 184-square-metre residences, each equipped with a private pool, offering elevated privileges to guests across 24 exclusive Coco Residences.
Suspended above the crystal-clear lagoon, these overwater villas provide a private sanctuary, surrounded by endless shades of blue and uninterrupted views of the Indian Ocean. Recognised for its outstanding hospitality, Coco Bodu Hithi was awarded the title of Best Service Resort at the Condé Nast Johansens Awards for Excellence 2025. From the moment guests arrive, they are welcomed with a refreshing Kurumba and a basket of tropical fruits, while the resort ensures seamless and attentive service throughout their stay.
Guests staying in Coco Residences benefit from a range of exclusive privileges, including the dedicated service of a Mithuru, who ensures a smooth and personalised Maldivian experience. These privileges include an Executive Champagne Sunset Cruise, a Cocktail Party, and a Guided Wine Tasting with the Resident Sommelier, along with other unforgettable experiences that showcase the breathtaking turquoise waters and endless horizon.
For environmentally conscious and culturally curious travellers, the resort offers a variety of enriching activities. Visitors can participate in Coral Planting and other tailored initiatives with the resident Marine Biologist or experience the excitement of a Boduberu performance on the island.
To further enhance the guest experience, the package includes complimentary breakfast options, ranging from a dine-around breakfast to an in-villa Floating Breakfast, complete with a photographer for a keepsake. Guests also receive a daily replenished minibar stocked with beers and soft drinks, along with special residence bar benefits.
Wellness plays an integral role in the resort’s offerings, allowing guests to embark on a journey of balance, rejuvenation, and inner harmony through daily sunrise or sunset yoga sessions. Additionally, visitors can indulge in relaxation with the resort’s signature Coco Fusion Massage or a soothing Balinese Massage, both designed for deep rejuvenation.
Coco Bodu Hithi seamlessly combines adventure and exclusivity, offering captivating dive sessions, exhilarating water sports, and thoughtfully curated signature experiences. The resort has also welcomed high-profile celebrities, ensuring unforgettable stays in the Maldives.
For those looking to experience the ultimate getaway, the Coco Summer Escape offer provides a 40% discount along with a complimentary meal plan upgrade, allowing for an even more indulgent stay at Coco Bodu Hithi.
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