Business
Maldives gets $50 mln from ADB for coronavirus response
The Asian Development Bank (ADB) has approved a $25 million concessional loan and a $25 million grant to help the Maldives fund its response to the coronavirus pandemic.
The Covid-19 Active Response and Expenditure Support (CARES) programme is funded through the Covid-19 pandemic response option (CPRO) under ADB’s Countercyclical Support Facility.
CPRO was established as part of ADB’s $20 billion expanded assistance for developing member countries’ Covid-19 response, which was announced on April 13.
The CARES programme for Maldives will help implement the government’s Covid-19 health response measures through actions, such as setting up testing facilities in five regional hospitals across five zones, scaling up of testing capacity to 800 tests per day, providing at least 400 isolation beds in separate wards for men and women, and at least 200 critical care beds for treatment.
ADB’s financing will support the government in carrying out its social protection programme, which includes unemployment allowances to salaried employees and self-employed workers whose incomes are affected by job or work loss, and other social assistance to the vulnerable population.
It will also help the government in providing economic assistance to the self-employed and businesses with subsidised and collateral-free working capital loans during the crisis period.
To support the CARES programme’s implementation and help build the government’s capacity in monitoring and evaluating the activities under its Covid-19 response package, ADB is also providing a $500,000 grant for technical assistance.
ADB has earlier provided two grants — $500,000 and $798,000 — to the Maldives to procure medical supplies, in close collaboration with UNICEF. This grant has funded the purchase of urgently needed personal protective equipment to enable medical personnel to safely treat infected patients.
“ADB is strongly committed to assisting Maldives in mitigating the adverse socioeconomic and health impacts of the Covid-19 pandemic,” ADB President Masatsugu Asakawa was quoted in a statement, as saying.
“We will provide critically needed budget support to help the government undertake its health, social, and economic responses, which are essential to strengthen the country’s public health systems, support the poor and vulnerable groups, and provide economic support for affected businesses.”
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.
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, only 382,760 tourists visited the Maldives before the country closed its borders on March 27. It was a 40.8 per cent decline over the 646,092 that visited the Maldives from January to March last year.
With arrival numbers falling, several resorts across the Maldives suspended operations.
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 government is in talks with bilateral lenders and international financial institutions to procure some $290 million in loans and financial aid.
In the meantime, the government will borrow MVR 4.2 billion ($272 million) under an overdraft facility at the central bank to cover state expenses and maintain public services amidst the coronavirus pandemic.
The government is also trying to shave MVR 5 billion ($324 million) off state expenditure and reduce the total state expenditure for the year to MVR 30 billion ($1.944 billion) from the approved MVR 38.7 billion ($2.5 billion).
Austerity measures include a 20 per cent cut on salaries and allowances of all political appointees, 25-35 per cent cuts on salaries and allowances of public sector employees, and 30-70 per cent cuts across travel, training, renovations and capital equipment budgets.
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 2,277.
Eight deaths have been reported and 1,848 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 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 were also shut.
Restaurants and cafes in the capital were 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 was also ordered.
These measures allowed authorities to contain the outbreak.
More than half of the people who contracted the virus have recovered and daily recoveries have over taken the number of new infections detected per day.
The restrictions are now being eased in phases, with the second phase lasting at least until June end.
The Maldives will also reopen its borders on July 15.
Photo: A file photo shows Maldivian president Ibrahim Mohamed Solih (R) meeting with the then ADB president Takehiko Nakao at the President’s Office in Maldivian capital Male on August 27, 2019. FILE PHOTO/ PRESIDENT’S OFFICE
As part of its ‘Masters for Masters’ series, The Nautilus Maldives will host Denise Hoefer, Germany’s No. 1 padel player and one of the world’s top 50 most influential figures in the padel industry, for an exclusive Padel Masterclass from March 22 to 25, 2025. This exceptional event invites guests to enhance their padel skills under the expert guidance of a global champion, all set against the stunning backdrop of the Maldives’ Indian Ocean.
Padel, recognised as the world’s fastest-growing sport, has captured the hearts of 30 million enthusiasts globally, according to the International Padel Federation. This March, The Nautilus will provide a unique opportunity for guests to immerse themselves in this thrilling game during a four-day Padel Masterclass led by Denise Hoefer, Germany’s top-ranked female padel player and captain of the German national team. Participants will refine their techniques on The Nautilus’s state-of-the-art padel court, while experiencing the island’s signature blend of world-class coaching and timeless, unscripted hospitality.
The Padel Masterclass will feature a tailored mix of group and private sessions, catering to players of all levels. Younger participants will have the chance to join the Young Wonderers program, offering specially designed classes that introduce the sport in a fun and engaging way. After an energising day on the court, guests can unwind at Solasta Spa, where exclusive treatments by Maison Caulières—such as Spinal Connection Deep Tissue Healing, Volcanic Stone Therapy, and Warm Poultices—promise ultimate relaxation and rejuvenation. These tranquil spa experiences provide a perfect complement to the day’s dynamic activities, leaving participants refreshed and revitalised.
With just 26 ultra-luxury houses and residences, The Nautilus offers an intimate sanctuary within the Baa Atoll, a UNESCO Biosphere Reserve. Surrounded by powder-soft white sands, vibrant coral reefs, and crystal-clear waters, this private island retreat redefines bespoke hospitality. Every element is meticulously crafted to inspire, offering guests an unparalleled ultra-luxury experience focused on relaxation, renewal, and discovery. Whether honing padel skills or embracing the serenity of island life, The Nautilus stands as the ultimate destination for discerning travellers.
BBM, in collaboration with Lifebuoy, marked Global Handwashing Day 2024 with engaging activities aimed at instilling the habit of proper hand hygiene among Maldivian school children. Held on November 17th, the event continued the successful “H for Handwashing” campaign, blending education with creativity and fun.
The initiative featured info sessions, exciting games, and creative contests designed to teach children the importance of handwashing while giving them a hands-on understanding of the correct techniques. Activities ranged from reimagined board games like “Germs & Ladders” and “Handwashing Ludo” to interactive sessions that reinforced hygiene habits in an enjoyable way.
This campaign underscores BBM’s commitment to fostering healthier practices among the younger generation, contributing to a healthier and more hygienic Maldives. COO of BBM, A.V.S. Subrahmanyam, emphasised, “At BBM, we believe that empowering the next generation with the knowledge and tools for better hygiene practices is vital for building a resilient and healthy community. We are proud to continue our efforts in collaboration with partners like Lifebuoy.”
Adding to this, Muksith Hussain, Head of Retail Sales at BBM, shared, “Reaching children through such innovative initiatives helps us lay the foundation for a healthier tomorrow. We are thrilled to see the enthusiasm and participation of these young minds in learning the importance of hygiene.”
The event also saw valuable support from the Maldivian Red Crescent (MRC), whose contributions enriched the experience for the children. BBM expressed gratitude for MRC’s involvement, as their efforts played a key role in making the event impactful and memorable.
Through campaigns like this, BBM aims to nurture a lifelong habit of handwashing, creating a brighter and healthier future for the Maldives.
Let’s keep the spirit alive—join the Handwashing Revolution with BBM and Lifebuoy!
SIX & SIX PRIVATE ISLANDS has announced the first phase of its plan to develop six resorts in the Maldives. Co-founded by CEO Laith Pharaon, the company aims to establish a hospitality model based on personalised service, artistic design, and a cosmopolitan lifestyle.
The initial two resorts are set to open in South Malé Atoll in 2025 and 2026, with each property featuring unique experiences. All resorts will adhere to a shared philosophy of tailoring stays to individual guest preferences.
Speaking about the company’s approach, Pharaon highlighted the focus on enhancing the guest experience by prioritising time, space, and freedom. He stated that removing unnecessary elements allows the company to deliver a guest journey aligned with expectations.
Director of Operations Marc Gussing shared insights into the planned offerings, which include personalised services beginning before guests arrive. Gussing, with nearly 15 years of experience in the Maldives, emphasised the aim to cater to guests seeking customised experiences that align with their preferences.
SIX & SIX has outlined its commitment to sustainability through ambitious environmental and social goals. The resorts will incorporate solar power, zero-waste practices, support for local produce, reef rehabilitation projects, and community programmes. These efforts aim to preserve the Maldives’ natural environment and contribute to its local communities.
The first resort, RAH GILI MALDIVES, will open in late 2025. Located in South Malé Atoll, the resort is near a dolphin sanctuary and will offer 74 pool villas, including 38 overwater options. Villas will range from 120 to 200 square meters, each featuring private pools. Guests will have access to dining options, cultural activities, and social spaces.
In 2026, DHON MAAGA MALDIVES will follow as an ultra-luxury resort. The property will include 31 overwater and 25 beach villas, with sizes ranging from 250 to over 400 square meters. Features include private pools, wellness facilities, and fine dining. The resort also plans to offer private-jet transfers and a wine cellar, aiming to deliver exclusive experiences.
SIX & SIX PRIVATE ISLANDS is positioning itself as a key player in the Maldives’ hospitality sector with its blend of tailored experiences and sustainability-driven practices.
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