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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
Kuramathi Maldives has announced the arrival of esteemed holistic wellness practitioner Imron Zulfikar, who will undertake an exclusive residency at the resort from 15 December 2025 to 3 January 2026. During this period, guests will have the opportunity to participate in bespoke wellness experiences crafted by a recognised expert in integrative health.
Throughout his residency, Imron will conduct a series of private wellness sessions designed to restore balance, promote renewal, and enhance long-term wellbeing. His practice brings together ancient therapeutic traditions and contemporary fitness science, resulting in personalised programmes that support harmony, mobility, and emotional resilience. Signature offerings include:
- Watsu Water Healing Journey: A restorative treatment conducted in warm water, combining elements of shiatsu, massage, and gentle movement to release deep tension, soothe the nervous system, and foster a sense of tranquillity.
- Chakra Balance Therapy: A holistic session that aligns mind and body through crystal healing, guided meditation, and calming massage techniques.
- Meridian Deep Release Massage: A therapeutic blend of deep tissue massage and acupressure aimed at easing chronic tension, improving flexibility, and stimulating energy flow.
- Accu Glow Facial: A rejuvenating facial incorporating acupuncture and customised skincare to activate collagen production, detoxify the skin, and enhance natural luminosity.
- Oriental Slim Detox Massage: A treatment grounded in Traditional Chinese Medicine, combining acupuncture and massage to promote lymphatic drainage and support detoxification.
Imron is an accomplished wellness lifestyle coach and holistic fitness specialist with more than ten years of experience in acupuncture, tension release therapies, yoga, Pilates, and personal training. His integrative methodology nurtures physical alignment, emotional balance, and overall vitality.
He has worked with numerous luxury resorts and an impressive roster of high-profile clients, including Serena Williams, Emma Watson, Richard Branson, and members of the UAE Royal Family. Celebrated for his intuitive approach and refined technique, Richard Branson has previously referred to Imron as having “golden hands.”
Kuramathi Maldives looks forward to offering guests this exceptional opportunity to engage in transformative, individually tailored wellness experiences during Imron’s residency.
The St. Regis Maldives Vommuli Resort will host World Class Global Bartender of the Year 2025, Felice Capasso, for an exclusive Tastemaker Series collaboration from 4–5 February. The partnership further strengthens the resort’s position as a destination for discerning travellers seeking craftsmanship, cultural depth, and refined experiences.
Located on a private island in the Dhaalu Atoll, The St. Regis Maldives has established a contemporary interpretation of island glamour. Its signature villas include some of the most coveted accommodations in the Indian Ocean, notably the John Jacob Astor Estate—one of the Maldives’ largest overwater residences—and the tranquil, beachfront Caroline Astor Estate. Each estate offers generous living spaces, expansive pools, and panoramic views, reflecting the resort’s dedication to elevated, residential-style luxury.
Within this sophisticated environment, The Whale Bar—an iconic overwater structure—will serve as the setting for Capasso’s arrival. As evening falls, the venue will adopt a vibrant Latin-inspired ambience, where guests will enjoy family-style small plates, bespoke cocktails, and rare vintages on tap while the sunset illuminates the lagoon. In this atmospheric setting, Capasso will unveil an exclusive cocktail menu for his bar takeover, blending classical technique with modern creativity.
On the following day, the resort will host an intimate Masterclass led by Capasso, centred on rum. The session will explore the spirit’s history, its regional expressions, and the narrative approach that distinguishes exceptional mixology. His expertise—rooted in precision, intuition, and storytelling—offers guests a rare opportunity to engage with a leading figure in the global bar industry.
This collaboration forms part of the resort’s ongoing Tastemaker Series, which brings influential creators and innovators to the island. By welcoming talents such as Felice Capasso, The St. Regis Maldives Vommuli Resort continues to craft immersive, evocative experiences that embody the distinctive spirit of St. Regis.
Sun Siyam Olhuveli has introduced three new dining and social venues on its Dream Island — Milano, Olive Bar, and Crust & Flame — each conceptualised by the award-winning Studio Sixty7. Together, the venues bring a contemporary expression of coastal European style to the Maldives, blending refined design, effortless island living, and a sense of community that positions Dream Island as the resort’s newest lifestyle and entertainment hub.
Milano – An Italian Soul with a Front-Row Kitchen
Milano celebrates the warmth and generosity of Italian dining, presented through a coastal aesthetic that feels both relaxed and refined. The open kitchen serves as the heart of the restaurant, where guests can watch chefs craft handmade pasta, simmer traditional sauces, and prepare wood-fired dishes. The experience is intimate and engaging, reflecting the sincerity of Italian cooking.
Studio Sixty7 designed the space with an olive-green palette, arched features, textured off-white plaster, linen drapery, and sculpted timber furnishings. Deep green crittall-style glazing adds a quiet elegance, while patterned floors create a gentle visual rhythm. As evening falls, woven pendant lights warm the room, making Milano ideal for leisurely lunches and romantic dinners. Every design detail balances Italian flair with Maldivian tranquillity.
Olive Bar – The New Entertainment Pulse
At the centre of Dream Island’s social energy, Olive Bar offers a refreshed take on family entertainment, hosting nightly performances from acoustic musicians and cultural acts to lively DJ sets. By day, it provides a relaxed lounge environment; by night, it transforms into a vibrant social hub.
The bar’s design embraces coastal openness, featuring timber shutters, adaptable lounge seating, abundant greenery, and natural textures that reflect Studio Sixty7’s craftsmanship-driven approach. Gentle ambient lighting completes the atmosphere, creating a welcoming setting for conversation, laughter, and shared experiences.
Crust & Flame – Casual, Beachside, and Comfort-Driven
Crust & Flame offers a relaxed beachside dining experience centred around artisanal brick-oven pizzas and contemporary light dishes. Its striking emerald-and-sage terrazzo pizza oven serves as the visual anchor of the venue, glowing subtly in natural light as chefs prepare fresh creations throughout the day.
Muted olive and white tiles, moss-toned upholstery, and dark timber seating create a coastal trattoria feel, while maintaining a distinctly Maldivian beach ambience — toes in the sand, ocean breeze drifting through the space, and a focus on simple, well-crafted comfort food.
Reflecting on the creative direction, Lee McNichol, Co-founder of Studio Sixty7, noted that the aim was to craft spaces that feel like a gentle exhale — warm, textured, softly lit, and subtly inspired by European coastal landscapes. Co-founder Jose Rivero added that the intention was to build venues that feel lived-in and soulful, where guests naturally settle into the experience rather than simply dine or watch a performance.
Hassan Adil, General Manager of Sun Siyam Olhuveli, commented: “Our vision for Dream Island was to create a place where guests immediately feel the rhythm of island life — relaxed, social, and full of positive energy. Milano, Olive Bar, and Crust & Flame each offer something distinct, yet together they form a cohesive atmosphere that encourages connection and enjoyment. It is Olhuveli at its most effortless and playful.”
With the launch of these venues, Dream Island evolves into a dynamic culinary and social destination where design, flavour, and ambience come together seamlessly. This development reflects Sun Siyam Olhuveli’s continued journey toward contemporary lifestyle hospitality, grounded in the warmth and authenticity of Maldivian service.
Sun Siyam Olhuveli now offers more than twenty restaurants and bars across its islands, ensuring an ever-diverse dining landscape shaped by creativity, global influence, and the joy of island living.
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