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

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6 years ago

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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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St. Regis Maldives Vommuli Resort sets stage for 2026 with influential Tastemaker residencies

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January 14, 2026

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The St. Regis Maldives Vommuli Resort has announced the return of its esteemed Tastemaker Series for 2026, reaffirming its commitment to bringing influential global talent to one of the Maldives’ most distinctive private island destinations. The programme continues to define the resort as a place where creativity, excellence and cultural expression converge, offering guests rare opportunities to engage with leading voices in the culinary arts, fine wine, mixology, wellness and sport.

The season opens in January with renowned chef Gianluca Renzi, who will host wine-led dining experiences, an intimate hands-on gnocchi masterclass and a signature dinner overlooking the ocean. His appearance sets the tone for the year ahead, combining classical Italian culinary heritage with contemporary craftsmanship and a spirit of conviviality that reflects the resort’s refined yet relaxed atmosphere.

In February, attention turns to innovation in both mixology and winemaking. Felice Capasso, World Class Global Bartender of the Year 2025, will bring his expressive approach to The Whale Bar through a bar takeover and an interactive masterclass exploring the narratives behind spirits, flavour and creativity. Shortly after, Romaric Chavy of Domaine Chavy-Chouet will bring Burgundy’s winemaking tradition to the Maldives, leading a wine tasting and a hosted dinner that offer an authentic encounter with one of the world’s most celebrated wine regions.

The programme also embraces wellness, with Akiko Igarashi returning as Visiting Practitioner from 9 to 23 February. With extensive experience in Reiki, sound healing and holistic practices, she will guide guests through restorative therapies including Tibetan Singing Bowl healing sessions, Reiki treatments and bespoke couples’ experiences, each designed to promote inner balance, emotional clarity and transformative wellbeing.

In March, the series turns to elite sport as former World No. 1 and multiple Grand Slam champion Angelique Kerber joins the lineup. Through private coaching sessions, a dedicated children’s clinic, on-court interactions and an informal meet-and-greet, Kerber will share professional insight while maintaining an approachable presence that resonates with both experienced players and recreational enthusiasts.

The season continues in April with Michelin-starred British chef Glynn Purnell, who will present a showcase dinner, an intimate cooking class and a finale experience at The Whale Bar. Known for his modern British culinary identity, technical precision and engaging personality, Purnell’s residency brings a fitting conclusion to a season shaped by talent, storytelling and meaningful engagement.

In May, the Tastemaker Series will welcome one of tennis’s most respected figures, Feliciano López. Celebrated for his longevity, signature serve-and-volley style and lasting success across more than two decades on the ATP Tour, López is a former World No. 12 and a Grand Slam doubles champion with a prominent role in Spain’s Davis Cup victories. At the resort, he will lead curated sessions on advanced technique, movement, match awareness and the nuances of elite-level tennis, delivered in a relaxed island setting.

Reflecting on the return of the Tastemaker Series, General Manager Vincent Pauchon said: “The Tastemaker Series is more than a programme; it is a celebration of passion, artistry and human connection. Each year, we strive to curate experiences that feel personal and enriching, giving our guests the opportunity to engage not only with exceptional talent, but with new perspectives and inspiration. This year’s lineup captures the essence of The St. Regis Maldives Vommuli Resort—elevated, thoughtful and deeply memorable.”

With its 2026 edition, the Tastemaker Series continues to evolve as a defining hallmark of The St. Regis Maldives experience, inviting guests into a world where excellence is shared, discovery is encouraged and every encounter is designed to resonate long after the moment has passed.

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Milaidhoo Maldives introduces high-end wellness residency led by Dr Lim Xiang Jun

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January 13, 2026

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Milaidhoo, an intimate island retreat located within the UNESCO Biosphere Reserve of Baa Atoll, has announced a once-in-a-season wellness residency with internationally renowned integrative medicine specialist Dr Lim Xiang Jun, taking place from 22 to 28 February 2026.

For the first time, guests will have the opportunity to experience Dr Lim’s integrative approach to wellbeing in a private island setting. The founder of a leading modern Acupuncture and Traditional Chinese Medicine (TCM) practice in Singapore, Dr Lim brings more than 20 years of experience and a rare mastery of both Eastern and Western healing traditions, including acupuncture, TCM, energy medicine, yoga, Ayurveda, meditation and metaphysics Bazi astrology.

During her residency, Dr Lim will offer bespoke one-on-one consultations and signature therapies aimed at restoring vitality, balancing energy and supporting transformation of mind, body and spirit. Guests will have access to her globally recognised treatments, including facial acupuncture, gua sha, reflexology and Chi Nei Tsang, as well as immersive sessions in meditation, qigong, yoga, sound healing and energy therapy. The residency’s distinctiveness lies in its integration of ancient wisdom, modern clinical practice and metaphysical insight, creating a personalised journey for every guest.

“Milaidhoo is an ideal sanctuary for guests seeking to reset, recharge and reconnect with themselves,” said Paul van Frank, General Manager of Milaidhoo. “By pairing the island’s serene, barefoot elegance with Dr Lim’s transformative expertise, this residency delivers an experience that is intimate, exceptional and truly unique.”

Dr Lim Xiang Jun added: “I am honoured to bring my holistic practices to Milaidhoo Maldives for the first time. The island’s natural tranquillity and energy provide an ideal environment for guests to embark on a personalised wellbeing journey. I look forward to guiding each guest through integrative traditional therapies, meditation and energy healing to help them reconnect with their vitality.”

With a limited number of consultations and treatments available, the residency is designed for guests seeking a holistic reset and a deeply personalised wellness experience within Milaidhoo’s peaceful island surroundings.

Guests wishing to secure their stay for this exclusive residency may visit the resort’s Special Offers page to reserve their wellness journey.

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Year of the Horse celebrated with island-inspired festivities at InterContinental Maldives Maamunagau Resort

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1 day ago

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January 13, 2026

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InterContinental Maldives Maamunagau Resort is inviting guests and visitors to welcome the Lunar New Year with a curated programme of celebrations from 16 to 19 February 2026, marking the Year of the Horse through cultural performances, signature dining experiences, wellness rituals and family-focused festivities.

Set against the natural beauty of Raa Atoll, the resort’s Lunar New Year programme blends cultural tradition with contemporary island living, offering moments of togetherness, creativity and indulgence across the four-day celebration.

Festivities begin on 16 February with a Lunar New Year Cocktail at Café Umi Beach, followed by the resort’s signature Lunar New Year Gala Beach Dinner. This elegant evening will include festive dishes, fresh seafood and live performances such as a Lion Dance and Fire Show under the Maldivian night sky.

Culinary experiences form the core of the programme, with themed dinners and tastings crafted to reflect the spirit of the season. Highlights include wine-led dining journeys, a reunion dinner, a seafood-focused evening at Fish Market and an Asian BBQ pop-up buffet, offering guests meaningful opportunities to come together and celebrate through food.

Wellness will also feature prominently, with restorative experiences encouraging balance and renewal. Guests may enjoy signature spa rituals inspired by local traditions, immersive sound healing sessions and energising fitness activities. A visiting integrative somatic practitioner will be present throughout the festive period to support mind-body wellbeing.

Daily entertainment and cultural performances will enrich the celebrations, including ribbon and fan dances, umbrella performances, fire shows and a full day dedicated to Olympic-style island games suitable for all ages. Younger guests will have access to creative workshops, festive crafts and outdoor activities, while art enthusiasts may join resin art sessions led by the resort’s resident artist.

In addition, the resort will offer relaxed seasonal experiences available throughout the festival period, such as a Lunar New Year signature cocktail and shisha offerings at select venues, allowing guests to enjoy the celebrations at a leisurely pace.

With its combination of cultural expression, refined dining, wellness and island-inspired entertainment, InterContinental Maldives Maamunagau Resort’s Lunar New Year celebrations promise a meaningful and memorable beginning to the Year of the Horse.

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