Minister of Tourism Ibrahim Thoriq has announced that the Bank of Maldives (BML) is prepared to provide financial facilities to resorts experiencing operational challenges linked to the situation in the Middle East, offering an important layer of support to one of the country’s most vital economic sectors. The minister made the statement on Sunday during a press conference held by a committee established by President Dr Mohamed Muizzu to assess and respond to potential impacts on the national economy.
Speaking at the press conference, Minister Thoriq said that resort operators, including those managing both operational properties and resorts currently under development, have been facing challenges arising from a decline in tourist arrivals. He noted that the evolving situation in the Middle East has affected tourism flows, creating added pressure for businesses that rely on steady international travel patterns, advance bookings, and strong seasonal occupancy to maintain operations and continue planned investments.
The minister said the government has been in discussions with the Maldives Association of Tourism Industry regarding the concerns faced by the sector. According to him, one of the key requests raised by industry stakeholders was the need to coordinate with banks to secure financial support for resorts affected by the changing market environment. He stated that discussions had been held with BML, and that the bank had indicated its readiness to provide facilities to support those facing operational difficulties. He further noted that the work is ongoing and that parties requiring assistance can coordinate directly with the bank.
The announcement is seen as a constructive development for the Maldivian tourism industry, particularly for resorts that continue to play a central role in driving employment, foreign exchange earnings, investor confidence, and the country’s wider economic activity. Resorts in the Maldives are not only hospitality properties but also major economic hubs that sustain a broad network of jobs and services, from transport and construction to food supply, excursions, wellness services, and local island businesses. Support mechanisms that help resorts manage short-term pressures can therefore contribute to maintaining broader stability across the tourism value chain.
The minister’s remarks also come at a time when the Maldives continues to record strong overall visitor numbers for the year, even as monthly trends show signs of pressure. Figures shared at the press conference showed that total tourist arrivals as of March 28 reached 627,496, compared to 610,805 during the same period last year. While this reflects overall year-on-year growth, the daily average for March declined to 5,200 arrivals, compared to 6,355 in the same month last year, indicating that global and regional developments are influencing travel decisions and market performance.
For the resort sector, such fluctuations can have a direct effect on occupancy rates, revenue planning, staffing, and project timelines, particularly for properties in the development phase or those operating in competitive market segments. Access to financial facilities can help affected resorts manage operational commitments, preserve service standards, and continue business continuity while the industry adapts to external developments. It also sends a reassuring signal that institutional support is being aligned with industry needs during a period of uncertainty.
The government’s engagement with industry stakeholders and the banking sector reflects an effort to respond proactively to emerging pressures while sustaining confidence in the Maldives as a leading global tourism destination. With resorts remaining at the heart of the country’s tourism success, the availability of targeted financial support could help operators navigate current challenges and maintain momentum as the industry continues to adjust to international market conditions.
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