Bank of Maldives to offer facilities to affected resorts

Minister of Tourism Ibrahim Thoriq has announced that the Bank of Maldives (BML) will provide financial facilities to resorts facing operational challenges linked to the situation in the Middle East.

He made the statement on Sunday at a press conference held by a committee formed by President Dr Mohamed Muizzu to address potential impacts on the economy.

The minister said resort operators, including those managing properties under development and in operation, are facing challenges due to a decline in tourist arrivals.

He added that discussions on the issue have been held with the Maldives Association of Tourism Industry.

According to the minister, one of the requests from the sector was to coordinate with banks to secure financial support for affected resorts.

“We have held discussions with BML, and the bank has indicated its readiness to provide facilities to support those facing operational challenges. This work is ongoing,” Thoriq said.

He said parties requiring assistance can coordinate directly with the bank.

The minister noted that developments in the Middle East have affected tourism flows.

According to figures shared at the press conference, total arrivals as of March 28 reached 627,496, compared to 610,805 in the same period last year.

However, the daily average for March declined to 5,200 arrivals, compared to 6,355 during the same month last year.