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
Business
Waste Management Corporation (WAMCO) Marks a Significant Step Towards Transforming Urban Waste Management
Waste Management Corporation (WAMCO) marked a significant step towards plastic waste management with the adoption of dedicated vehicles handed over to boost this transformation of urban waste management supported by The Coca-Cola Foundation (TCCF) and the United Nations Development Programme (UNDP) in the Maldives.
In March 2024, UNDP Maldives officially handed over a fleet of six vehicles to WAMCO, which included two electric vehicles (EVs), as part of an initiative aimed at enhancing waste management across the Greater Male’ Area (GMA). This acquisition, facilitated through the financial support of TCCF paves the way for a crucial advancement in bolstering PET collection efforts and tackling the challenge of plastic waste in the Maldives.
“This initiative marks a significant step towards boosting recycling rates and combating environmental pollution in the Maldives,” stated Pek Chuan Gan, Deputy Resident Representative of UNDP Maldives speaking at the handover ceremony. “Integrating electric vehicles into WAMCO’s fleet and improving PET recycling processes not only lowers carbon emissions but also pioneers renewable energy use in waste management. It’s a vital move for steering the Maldives towards a sustainable and renewable-powered future.”
The provision of electric vehicles marks a continuation of UNDP Maldives’ support to the Government’s vision to introduce renewable energy in key sectors such as waste management that significantly contribute to the country’s renewable energy transition ambition. By embracing clean energy solutions, such as electric vehicles in waste management practices, the Maldives can further reduce its carbon footprint and move closer to achieving its renewable energy goals.
“Utilizing eco-friendly vehicles is a pivotal change for WAMCO, signifying a major leap towards modernizing waste management in the Maldives,” remarked Mujthaba Jaleel, Managing Director, from WAMCO. “This collaboration highlights the shared commitment to environmental stewardship and the potential for such partnerships to catalyse meaningful progress in sustainability and about the positive impact these vehicles will have on our operations and the environment.”
Representatives from UNDP Maldives, WAMCO, and The Coca-Cola Foundation’s unified efforts towards a sustainable future. Photo courtesy: CIAO Advertising.
“Our commitment goes beyond just recycling; it’s about fostering a culture of sustainability,” remarked Saadia Madsbjerg, President, Coca‑Cola Foundation and VP Community Affairs. “By enhancing waste management in the Maldives, we aspire to set a benchmark for environmental stewardship.”
For The Coca-Cola Foundation, together with the stakeholders, the aim is to propel Maldives towards a future where plastic circularity is not just envisioned but actively pursued. By channelling resources and expertise into the heart of waste management, TCCF has made a sizeable contribution in enhancing and attracting investment to this crucial sector in the Maldives. This initiative is a testament to TCCF’s commitment to fostering sustainable practices and promoting the reuse and recycling of plastics, thereby reducing environmental impact, and paving the way for a circular economy.
The fleet handover event held on March 18, 2024, served as a celebration of collaboration in waste management. Representatives from UNDP Maldives, WAMCO, The Coca-Cola Foundation, government officials, and stakeholders came together to mark this significant step and reinforced their collective dedication to building a more sustainable future for the Maldives.
Coca-Cola is thrilled to unveil its official partnership with UEFA EURO 2024TM, launching an engaging promotional campaign designed to give football enthusiasts across the Maldives the extraordinary opportunity to experience the Finals live in Berlin, Germany.
This season, Coca-Cola reintroduces its iconic football-themed packaging, igniting excitement on store shelves. To join the promotion, customers need to simply open the promotional pack, find the six-digit code under the Cap (for PET bottles) or Tab (for Cans) and enter the giveaway by sending the code to 2626, with chances of winning increasing every time they send a code! Available in a variety of sizes, these packs ensure that every fan has a chance to participate.
During the promotion, six (06) couples will win a trip to experience the UEFA EURO 2024TM Final Match in Berlin, Germany with great Coca-Cola hospitality — an integral part of Coca-Cola’s initiative to deepen its connection with football fans and infuse the season with refreshing excitement. Consumers will also have a chance to win a Smartphone which is to be won every other day and branded Premia daily making it a power-packed promo.
The promotional campaign will span from May 1st to June 15th, 2024. Throughout this period, lucky draws will be conducted every other day and broadcast live on ICE TV, with the first Live Draw starting on the 11th of May 2024.
Kaushali Kusumapala, Country Director – Coca-Cola Maldives and Sri Lanka, is enthusiastic about the new partnership, stating, ” This partnership with UEFA EURO 2024TM, marks a milestone in our commitment to sports and entertainment. We’re excited to offer fans unique opportunities that showcase our dedication to enriching their experience of the tournament, one refreshing sip at a time.”.
As the tournament draws nearer, Coca-Cola will announce further exciting activities under its UEFA EURO 2024TM campaign. Fans are invited to stay engaged and participate in the ongoing promotions to enhance their chances of witnessing the zenith of European football live.
Grab a Coke, gather with friends and family, watch the UEFA EURO 2024TM matches live, and stand the chance of winning many fabulous prizes! Stay tuned to the official Coca-Cola Maldives Facebook and Instagram pages for the latest UEFA EURO 2024TM updates and promotions.
Coca-Cola has been a partner of every UEFA European Football Championship since 1988, and for more than three decades, Coca-Cola has played an essential role in the competition by uniting people and providing fans with unforgettable and innovative experiences.
The Maldives Association of Tourism Industry (MATI) held its 34th Annual General Meeting at Kurumba Maldives today, with a total of 100 members in attendance.
The day’s events began with a welcome address from the Chairman of MATI, Mr. Mohamed Umar, who also presided over the session. The agenda included an address from the Secretary General, Mr. Ahmed Nazeer, the review and approval of the minutes of the 33rd AGM, the review and adoption of the Annual Report and Financial Reports for 2023, the approval of the 2024 budget, the appointment of auditors for 2024, the welcoming of new members and election of executive board members to the two vacant positions (by-election).
In the member discussion session, the following topics were covered: the Government’s aim to reach net-zero emissions by 2023 and renewable energy generation in the Tourism Industry, new terminal of Velana International Airport and developments, employment challenges, the Industrial Relations Act and trade unions, environmental conservation and the significance of creating and executing efficient management plans for protected areas like the South Ari Marine Protected Area (SAMPA).
Following the official proceedings, the Minister of Tourism Hon. Ibrahim Faisal and the Minister of Economic Development and Trade Hon. Mohamed Saeed joined the forum. The Ministers provided remarks and engaged in a Member Q&A session. This session provided members with the chance to directly engage with the Ministers and delve into crucial industry topics. The queries focused on the Economic Outlook, forthcoming development plans and immediate challenges and issues affecting the Tourism Industry.
A video presentation was also showcased that delved into the extensive work undertaken by MATI in 2023. The video also touched upon the Tourism Industry’s performance over the past 5 years, as well as the current and projected human resource capacity of the sector.
In his closing remarks, the Secretary General highlighted the importance of collaborative efforts in addressing industry challenges and called for greater unison amongst industry stakeholders, ending with an acknowledgement of the promising start to the year in terms of arrivals.
Executive Board Members elected to the 2 vacant positions (by-election):
- Ibrahim Shareef, CEO and Managing Director of Maldives Airports Company Limited
- Renato De Olivera, General Manager of The Ritz-Carlton Maldives, Fari Islands and representative of Marriott International
-
News1 week agoNever Before Festival at Cocoon Collection: Revolutionary dancing experience in Maldives
-
News1 week agoEmbark on Unforgettable Maldives Escapade with ‘Family Fun Summer’ Package
-
News1 week agoVilla Park Awarded Top Hotel Partner 2023 by Schauinsland Reisen
-
News1 week agoSolo travelling South Ari Atoll with Nova Maldives
-
News1 week agoDive deeper into Maldivian wellbeing with Xubba visiting Oaga Art Resort’s Hoba Spa
-
News6 days agoSO/ Maldives celebrates Orthodox Easter with celebrity chef Mirko Zago
-
News6 days agoBlood Donation Drive at Alila Kothaifaru, Part of the Hyatt Portfolio, Makes Significant Impact During Global Month of Service
-
News6 days agoAnother Head-to-Head Nomination for The OZEN Collection in Condé Nast Traveller Awards