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G20 officials pledge to keep cooperating to bolster global economy

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RIYADH/WASHINGTON (Reuters) – Finance officials from the Group of 20 major economies vowed on Saturday to continue using “all available policy tools” to fight the coronavirus pandemic and bolster the global economy, warning that the outlook remains highly uncertain.

G20 finance ministers and central bankers, in a communique issued after a virtual meeting on Saturday, said the global economy would recover as economies gradually reopen, but said further actions were needed to ensure growth.

“We are determined to continue to use all available policy tools to safeguard people’s lives, jobs and incomes, support global economic recovery, and enhance the resilience of the financial system, while safeguarding against downside risks,” they said in statement after the meeting ended.

COVID-19, the disease caused by the virus, has infected more than 14.14 million people and killed 596,576​, according to a Reuters tally. The United States, the world’s largest economy, tops the list of deaths.

Sweeping shutdowns aimed at halting the spread of the disease have caused massive disruption to the global economy, and are hitting the world’s poorest countries hardest.

G20 finance officials said 42 of the world’s 73 poorest countries had requested a freeze in official bilateral debt payments through the end of the year, amounting to about $5.3 billion in deferred payments.

Reflecting concerns raised by the World Bank that China, a G20 member and the largest creditor to developing countries, was not participating fully, the officials urged all official bilateral creditors to implement the Debt Service Suspension Initiative (DSSI) fully and transparently.

They also “strongly encouraged” private creditors to participate on comparable terms, and said they would consider extending the debt standstill in the second half of 2020.

Private creditors had not received any formal requests from countries for debt service suspension under the G20 initiative, the Institute for International Finance (IIF) said on Wednesday, ahead of Saturday’s meeting.

“We encourage the private sector investors to participate in this, but we need to be very careful not to interfere on private agreements,” Saudi Finance Minister Mohammed al-Jadaan said in a press conference at the end of the meeting.

Saudi Arabia is the current G20 chair.

The officials also reaffirmed their commitment to resolving differences over how to tax digital services and reaching a broad, consensus-based solution this year.

They said they expected to see proposals on international tax reform by October, when they meet again.

“Fair taxation of international companies and large digital groups is more urgent than ever,” German Finance Minister Olaf Scholz said after the meeting.

Reporting and photo: Reuters

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Maldives celebrates arrival of 2024’s 1 millionth tourist

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Maldives on Thursday welcomed the one millionth tourist to visit this year.

The one millionth tourist is a Thai named Sutapa Amonwivat, who arrived from Singapore with her husband and two children. This is her second visit to Maldives.

Maldives Marketing and Public Relations Corporation (MMPRC) and the Ministry of Tourism gave a warm welcome to Sutapa at the Velana International Airport (VIA) Thursday afternoon. She was welcomed at the VIA by tourism minister Ibrahim Faisal, MMPRC Managing Director Ibrahim Shiury and senior officials of various relevant agencies.

After welcoming her with traditional offerings, she was presented with various gifts by the ministry, MMPRC, customs, immigration, Maldives Association of Travel Agents and Tour Operators (MATATO) and Trans Maldivian Airways (TMA).

Maldives reached one million tourists in June, three weeks earlier than last year. The number of tourists reached one million on July 16, 2023.

Maldives expects to reach 2 million tourists this year.

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New air route connects Chongqing to Maldives

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Chongqing Airlines on Monday began its inaugural flights to Maldives.

The Chongqing-Male route, scheduled three times a week, is expected to strengthen the bonds between China and the Maldives, opening up exciting new opportunities for tourism and cultural exchange.

The inaugural flight was welcomed upon its arrival at Velana International Airport (VIA) in Maldives, where local officials and tourism representatives expressed their enthusiasm for this new development.

“We warmly welcome our friends from China to our beautiful islands. This new connection strengthens our bonds and opens up new opportunities for tourism,” the tourism ministry said on X.

Maldives currently welcomes four airlines from China, including China Eastern, Beijing Capital Airlines, Xiamen Airlines.

In January, Maldives government urged tourism stakeholders in both Maldives and China to ramp up efforts to restore China’s position as the primary source market for Maldives tourism, a status held before the onset of Covid-19.

China, being the largest source market for Maldives tourism before the pandemic, saw a resumption of tourist arrivals from January 2023 after a three-year hiatus due to the pandemic. In 2023, the Maldives welcomed 187,118 Chinese tourists, marking a significant recovery in numbers. This year, the Maldives has welcomed the most number of tourists from China, with over 107,940 or 11.5 percent of total arrivals by June 12. 

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CROSSROADS Maldives Introduces Weixin Pay at resorts for seamless guest experience

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CROSSROADS Maldives has introduced WeChat Pay, widely known as Weixin Pay in China, across its world-class resorts, SAii Lagoon Maldives, Curio Collection by Hilton, and Hard Rock Hotel Maldives. This payment option is made available to enhance the convenience and overall experience for guests from China, making their stay in the Maldives more enjoyable and hassle-free.

Understanding the needs of the diverse guests, CROSSROADS Maldives has integrated WeChat Pay into operations, allowing guests from China to easily and securely conduct transactions using a payment method familiar to them. The introduction of WeChat Pay is a testament to CROSSROADS Maldives’ dedication to enhancing guest satisfaction by offering exceptional experiences at every turn. What is also expected through this initiative is that the guests could benefit from better foreign exchange rates, translating to better savings on their expenditures during their stay.

The option is available for guests in-house conveniently at both resorts as well as across the Marina at CROSSROADS Maldives where a wider variety of unparalleled dining and retail experiences are available for all guests. The day visitors from China will also therefore equally benefit from this new introduction at the Maldives’ premier multi-island integrated leisure destination.

SAii Lagoon Maldives, Curio Collection by Hilton, is a vibrant tropical escape that offers unique and locally inspired experiences. The resort features spacious rooms and villas, a variety of dining options, and an array of recreational activities designed to cater to the desires of modern travellers. Guests can escape to the island’s SAiisational natural beauty, enjoy water sports, and indulge in spa treatments, all while relishing the personalised service that defines Hilton’s Curio Collection.

Hard Rock Hotel Maldives brings the iconic Hard Rock spirit to the tranquil shores of the Maldives. This family-friendly resort offers a perfect blend of relaxation and entertainment, featuring music-inspired experiences, live performances, and the brand’s signature amenities. With luxurious accommodations, diverse dining options, and a plethora of activities for all ages, Hard Rock Hotel Maldives ensures an unforgettable holiday experience for every guest.

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