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Maldives seeks $29 mln IMF bailout amidst coronavirus hit
A $29 million bailout for Maldives will be approved soon, the International Monetary Fund (IMF) said Friday.
The funds have been requested for the Indian Ocean tourist paradise’s central bank under the IMF’s Rapid Credit Facility, a fast track concessional financial assistance instrument with limited conditions.
“I hope that we can go to the Board sometime very soon, next week or week after. So, we want to process it quickly,” Changyong Rhee, Director of the IMF’s Asia Pacific Department, said, during a press conference.
Maldives has sought assistance from several international aid agencies and financial institutions.
The island nation is also looking to tap into a new multi-partner trust fund established by the UN for Covid-19 response.
The country has since received $20 million from the OPEC Fund for International Development, $17.3 million from the World Bank, $600,000 from the Asian Development Bank, and $3.28 million from the European Union.
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, 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.
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.
Even before the visa suspension, the Maldives had closed its borders to arrivals from some of the worst-hit countries, including mainland China, Italy, Bangladesh, Iran, Spain, the United Kingdom, Malaysia and Sri Lanka. Visitors from three regions of Germany (Bavaria, North Rhine-Westphalia and Baden-Württemberg), two regions of France (Île-de-France and Grand Est) and two regions of South Korea were also banned from entering the country.
All direct flights to and from China, Italy, South Korea and Iran were also cancelled.
Cruise ships and foreign yachts were also banned from docking at any of the country’s ports.
With arrival numbers falling and the visa suspension in effect, several resorts across the Maldives had been closed.
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 5.7 per cent economic contraction this year — an estimated $778 million hit.
The Maldives has announced an MVR 2.5 billion stimulus plan, which includes MVR 1.55 billion ($100 million) in emergency loans for businesses to meet short-term working capital needs.
In addition to the emergency financing, 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 in March and April.
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.
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, detected in capital Male on Wednesday, confirmed community transmission of the coronavirus. Two more clusters have since been identified, putting the total number of confirmed case in Maldives to 32.
However, 16 out of the 32 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 a lockdown 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: Maldivian finance minister Ibrahim Ameer (L) meets with officials from the International Monetary Fund at the sidelines of the IMF-World Bank Spring Meetings in Washington DC in April 2019. FILE PHOTO/ FINANCE MINISTRY
Sheraton Maldives Full Moon Resort & Spa has introduced its Family Fun Summer offer, a family-focused package designed to encourage guests to spend time together through dining, leisure and recreational activities in a private island setting.
Located 15 minutes by speedboat from Velana International Airport, the resort is offering the package as a year-round experience, despite its summer branding. The programme is intended for families seeking a stay that combines accommodation, meals and activities in a single offering.
The experience includes daily breakfast at Feast, where guests can access buffet selections for adults and children. Lunch is served as a three-course beachside meal, while evenings include buffet dinners, à la carte options and access to the resort’s speciality restaurants.
As part of the package, adult guests receive a USD 45 dining credit per night, which can be used at selected outlets including Baan Thai and Sea Salt. The offer is designed to expand dining options within the resort’s full board arrangement.
The package also includes activities aimed at different age groups. Children have access to the Sheraton Adventure Club, while families can take part in pool activities, water sports, sunset dolphin cruises and guided snorkelling excursions.
For guests seeking wellness experiences, Shine Spa for Sheraton offers a range of treatments, with the package including 15 per cent savings on selected services. The resort has also introduced a spa experience designed for parent and child. Additional recreational options include sunrise beach yoga, as well as access to tennis and football facilities.
Other inclusions within the offer include a complimentary family photoshoot and dining benefits for children when eating with their parents.
Family Fun Summer is available for booking until 15 June 2026, for stays through to 20 December 2026. Through the package, Sheraton Maldives Full Moon Resort & Spa is presenting a family-oriented resort experience centred on dining, recreation and shared time together.
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InterContinental Maldives Maamunagau to mark Mother’s Day with wellness and dining offerings
InterContinental Maldives Maamunagau Resort has announced a Mother’s Day programme centred on wellness, dining and family experiences, offering guests a range of activities designed to mark the occasion in Raa Atoll.
Set within the resort’s island setting, the programme will feature a series of experiences aimed at encouraging families to spend time together through relaxation, dining and shared activities.
At AVI Spa, the Mother’s Day offering will include signature treatments focused on rest and balance. Guests will also have access to holistic sessions led by visiting practitioner Dr Afsana Aradhana Ghyas, whose work focuses on integrative wellbeing and emotional balance.
Dining experiences will form a central part of the programme. These will include floating breakfasts served in private villas, interactive cooking sessions with the resort’s chefs, and private dining experiences ranging from sunset beach dinners to sandbank dining under the stars.
The resort will also offer family-focused activities for the occasion. These will include craft sessions for children, ocean-inspired guided art activities and a family photoshoot intended to capture the day’s experiences.
Through the Mother’s Day programme, InterContinental Maldives Maamunagau Resort is presenting a combination of wellness, dining and family activities shaped around personal and shared experiences in a resort setting.
W Maldives has launched The Wavemaker Edit, a new ongoing series of curated collaborations with international talent, aimed at introducing a range of guest experiences across mixology, wellness, cuisine and music.
The series is designed as a rotating programme, with each edition bringing a different creative perspective to the resort. According to W Maldives, the initiative is intended to create a continuing calendar of experiences that combine social, cultural and wellness-led elements.
The first edition of The Wavemaker Edit will run from 3 to 14 June 2026 and will feature two themed chapters, titled Island Alchemy and The Restore Ritual.
Island Alchemy will focus on mixology. On 3 June, Kwok will lead a guest shift at SIP, presenting three cocktails that explore contrast and balance, including a bespoke creation inspired by the Maldives. The collaboration will continue on 6 June at WET Deck, where a poolside day party will feature a curated cocktail menu.
The second chapter, The Restore Ritual, will centre on wellness and movement in recognition of Global Wellness Day. Led by Mumbai-based yoga and movement educator Samiksha Shetty, the programme will include sessions focused on breathwork, mindfulness and alignment-based practice.
The wellness programme will include Sunset Yoga sessions at FIRE Beach on 12 and 14 June, as well as a morning meditation session at AWAY Spa on 13 June. The main event within this chapter will take place on 13 June, when guests will be able to join a Sunset Yoga session aboard the Horizon Yacht. This bookable experience will also include healthy refreshments and a 60-minute massage at AWAY Spa.
W Maldives said future editions of The Wavemaker Edit will expand into culinary, music and art-led experiences under a number of themed series, including Flavors Unscripted, Sound Wave and Make A Scene.
Commenting on the launch, General Manager Amila Handunwala said the initiative reflects the resort’s approach to continuously evolving the guest experience through collaborations with international talent.
W Maldives is positioning the series as part of its broader effort to offer more structured and experience-led programming for guests. In addition, the resort is promoting its Original Wavemaker package, which includes seaplane transfers and a half-board meal plan for two adults with a minimum stay of four nights.
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