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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
JW Marriott Kaafu Atoll Island Resort has announced an exclusive partnership with BABOR, the internationally acclaimed German skincare brand, marking a new chapter in luxury wellness in the Maldives. This collaboration introduces BABOR’s high-performance skincare treatments to the Overwater Spa by JW, offering guests a fusion of advanced formulations and tranquil island experiences.
According to Srikanth Devarapalli, General Manager of JW Marriott Kaafu Atoll Island Resort, the partnership reflects the resort’s dedication to mindful living, sustainability, and holistic well-being. “Together, we are redefining wellness with transformative treatments at Spa by JW, that harmonise precision skincare with the serene beauty of the Maldives,” Devarapalli noted.
As a first for the country, the resort will offer BABOR’s signature treatments, including the prestigious SeaCreation line. This anti-aging collection utilises marine-based biotechnology and potent oceanic ingredients to revitalise the skin and restore its radiance.
The exclusive Ocean Bliss treatment, crafted specifically for the Overwater Spa by JW, blends BABOR’s SeaCreation products with soothing elements inspired by the surrounding ocean. This luxurious ritual promises visible skincare results and deep relaxation, set within the spa’s four overwater villas, which house six treatment rooms designed to enhance the sensory connection with the Maldivian seascape.
Located in Kaafu Atoll’s largest lagoon and only 15 minutes by boat from Velana International Airport, the JW Marriott Kaafu Atoll Island Resort offers a harmonious blend of luxury and nature. The resort features 80 private pool villas—including 47 overwater pool villas—that merge traditional island design with contemporary elegance. Guests can explore five distinct dining venues and two bars, each showcasing ingredients sourced from the resort’s own JW Garden.
For BABOR, this partnership marks an important step in its global expansion, solidifying its presence in the luxury wellness market and extending its award-winning skincare offerings to one of the world’s most stunning destinations.
Tim Waller, Co-CEO of BABOR BEAUTY GROUP, highlighted the significance of this collaboration: “In today’s fast-paced world, true luxury lies in moments of tranquility and self-care. Our partnership with JW Marriott Kaafu Atoll Island Resort allows us to craft those moments, offering guests a skincare experience that is as indulgent as it is results-driven.”
With a shared commitment to excellence, JW Marriott Kaafu Atoll Island Resort and BABOR now invite travellers to embark on a wellness journey where cutting-edge skincare and the pristine beauty of the Maldives come together in perfect harmony.
With its postcard-perfect scenery and tranquil seclusion, the Maldives has long been a dream destination. Today, it’s also becoming a premier getaway for families, where multigenerational travel and immersive experiences take centre stage. Whether stargazing from a hammock by the shore or diving into coral-fringed lagoons, the islands offer a harmonious blend of peace and adventure—creating meaningful moments for travellers of every age.
This summer is all about togetherness, whether with family, grandparents, or lifelong friends. Marriott Bonvoy’s exclusive private island resorts across the Maldives welcome guests with the new Family Fun Summer offer. Each resort is easily accessible by speedboat or seaplane and includes a complimentary Full Board upgrade, free stays and meals for children under 12, and activities such as snorkelling, paddle-boarding, and kayaking. Curated family adventures add to the appeal, with the offer bookable until June 15, 2025, for travel through December 20, 2025 (minimum four-night stay required).
The Ritz-Carlton Maldives, Fari Islands invites families to reconnect through refined service, striking architecture, and enriching activities. The Ritz Kids program, part of Jean-Michel Cousteau’s Ambassadors of the Environment, engages children in marine conservation and cultural immersion. Complimentary Coral Garden Snorkelling and nature-inspired activities unfold alongside beach fun and tennis sessions. The resort offers spacious beach and overwater villas, with larger groups enjoying The Ritz-Carlton Estate—complete with a private chef, infinity pool, and dedicated Aris Meeha butler.
JW Marriott Kaafu Atoll Island Resort sits in Kaafu Atoll’s largest lagoon, blending Maldivian tradition with stylish luxury. The Family by JW™ Kids’ Club provides a large indoor-outdoor playground with water features, reading spaces, and nap areas. Complimentary water-sports, marine life encounters, and a Maldivian cooking class offer rich experiences. Families may opt for the Ocean Residence, which includes a spa room, gym, and a waterslide into the lagoon.
Sheraton Maldives Full Moon Resort & Spa, located on Furanafushi Island, offers rustic-chic villas and heartfelt island experiences. The ‘Side by Side’ program includes beach picnics, cooking classes, and nature walks, while kids enjoy the Sheraton Adventure Club. The Family Fun Summer offer includes complimentary speedboat transfers, dining credits, spa discounts, and cultural experiences such as coral planting through ‘Adopt a Coral’.
The St. Regis Maldives Vommuli Resort, set on a remote island in Dhaalu Atoll, is designed for luxurious family escapes. Multi-bedroom villas offer privacy and panoramic ocean views. Guests enjoy curated experiences including private yacht trips, snorkeling, and trampoline classes. Children receive personalized welcomes and can explore the Children’s Club or socialize in the teen lounge. The Family Fun Summer package includes Champagne on arrival and a Sunset Dolphin Cruise.
JW Marriott Maldives Resort & Spa on Vagaru Island, Shaviyani Atoll, is ideal for multigenerational families. Beach and overwater villas include private pools and Thakuru butlers. Children explore over 100 weekly activities at the expansive Little Griffins Kids’ Club. Adults unwind at Spa by JW or savor farm-to-table cuisine. The family package features floating breakfasts, beachfront dinners, professional photography, and exclusive dining offers.
W Maldives, located on a heart-shaped island in North Ari Atoll, brings bold energy to the tropics. A recent renovation introduced the Splinterworks Vertex—Maldives’ first sculptural water slide. The redesigned villas, dynamic dining, and the WET Deck with vibrant nightlife offer a balance of fun and relaxation. Guests also enjoy a Sunset Dolphin Cruise and access to the stunning house reef at DOWN UNDER.
The Westin Maldives Miriandhoo Resort in Baa Atoll, the country’s first UNESCO Biosphere Reserve, offers a wellness-focused family retreat. Guests sleep soundly with Westin’s signature Heavenly® Beds and Sleep Well amenities. Kids benefit from the Savvy Sleep program, while the whole family can join yoga classes or recharge with WestinWORKOUT® activities. The summer offer includes painting sessions, dolphin cruises, photo shoots, and beach games.
Le Méridien Maldives Resort & Spa on Thilamaafushi Island, Lhaviyani Atoll, is a stylish, eco-conscious retreat inspired by the French Riviera. Families enjoy creative workshops, conservation projects, and lively events like pool parties, trivia nights, and stargazing. The Family Fun Summer package offers paddleboarding, snorkeling, padel matches, karaoke, and dolphin cruises—all set against serene turquoise waters and a thriving house reef.
Marriott Bonvoy members can earn and redeem points for their stays and experiences at these luxurious family-friendly resorts. Booking a multi-bedroom villa includes an added bonus of 25,000 points—making each family journey even more rewarding.
Renowned for its exceptional Thai hospitality and authentic Maldivian experiences, Machchafushi Island Resort & Spa Maldives, The Centara Collection, stands out as a premier destination for all occasions. Surrounded by turquoise blue waters and pristine white beaches, this tropical paradise invites guests to partake in a vibrant celebration of Songkran, the Thai New Year, on April 13th. The festivities include a traditional parade, thrilling activities, and a lavish dinner buffet under the stars, all complemented by signature island adventures.
Located in the heart of the Indian Ocean, the resort features 112 spacious beachfront and overwater villas, each just steps from a lively house reef waiting to be explored. Guests can enjoy a range of culinary experiences across the island, from authentic Thai cuisine at Suan Bua, to Italian dishes at Mare Azzurro, and international favourites at Reef. As an all-inclusive retreat, the resort caters to every type of traveller—whether couples seeking romance or families in search of discovery and fun-filled days.
On April 13th, the Songkran celebrations begin with a colourful parade featuring performers dressed in traditional Thai attire. Guests can then head to Water Sport Beach for an exciting array of traditional Thai games, such as Wing Sam Ka (three-legged race), Chuk Kra Yoa (tug of war), and Yeab Look Pong (bomb balloon), where participants tie balloons around their ankles and try to pop those of their opponents.
As the sun sets and the stars emerge, guests are treated to a sumptuous buffet-style dinner celebrating Songkran. Live cooking stations serve favourites like authentic pad Thai, sticky rice, and flavourful clay pot dishes. Grilled meats and fresh seafood are served alongside Thai-inspired desserts such as Kanom Tuay (steamed coconut custard) and Kluay Tab (grilled banana with honey caramel). With toes in the sand and the soothing sound of waves nearby, it offers the perfect atmosphere to gather with loved ones and savour the festivities.
In addition to the Songkran celebrations, April presents ideal diving conditions for those eager to explore the house reef. With crystal-clear visibility of over 30 metres, divers can encounter a fascinating shipwreck, vibrant coral formations, and marine life including nurse sharks, white tips, black tips, lemon sharks, leopard sharks, and rays. The resort’s dive centre provides all necessary equipment and expert guidance to ensure both an unforgettable and environmentally conscious underwater adventure.
This April 13th, Machchafushi Island Resort & Spa Maldives, The Centara Collection, offers guests an immersive blend of Thai culture and Maldivian charm. With rich cultural moments, thrilling island activities, and unforgettable culinary delights, Songkran at the resort promises a celebration to remember.
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