BML: We are working closely with tourism businesses, will provide meaningful support

Bank of Maldives (BML)'s CEO and Managing Director Mohamed Shareef (L) with Tourism Minister Thoriq Ibrahim (R). (Photo/BML)

The Maldivian economy faces significant headwinds due to the recent contraction of air travel corridors in the Middle East, a fallout from the broader regional conflict involving Iran and the United States. In response, the Bank of Maldives (BML) has reaffirmed its commitment to supporting the tourism industry, which serves as the primary engine of the nation's economic growth. By engaging directly with stakeholders, including resort operators and guesthouse owners, the bank seeks to provide the necessary financial support to mitigate the impact of nearly 500 cancelled flights, ensuring that the industry remains resilient. Furthermore, the government is actively pursuing strategies to restore connectivity, including the establishment of new airline partnerships. The collaborative effort between the banking sector and national policymakers underscores a comprehensive approach to managing the current crisis. By providing targeted financial facilities and exploring new logistical avenues, authorities aim to secure the stability of the tourism sector and maintain the Maldives' reputation as a premier global travel destination.

BML is conducting direct consultations with resorts and guesthouses to tailor financial aid to individual operational needs.
The bank's strategy is aligned with broader national priorities to safeguard economic stability and promote long-term resilience.
Nearly 500 flights have been cancelled due to regional air corridor closures, prompting an urgent need for operational support.
Tourism authorities are mitigating the decline in arrivals by securing new agreements, including the introduction of Ethiopian Airlines to the Maldivian market.

The Bank of Maldives (BML) has reaffirmed its commitment to supporting the country’s tourism industry, as it battles challenges arising from the partial closure of air corridors in the Middle East due to the US-Israeli war on Iran.

In a statement on Monday, the BML said that it has been working closely with key stakeholders across the sector to assess impacts and provide meaningful support, as the tourism industry navigates the current challenges.

The bank said that engagements are ongoing with resort operators, guesthouse owners, and other tourism-related businesses to better understand their unique operational and financial circumstances.

BML’s CEO and Managing Director Mohamed Shareef said that the bank’s priority is to stand alongside the tourism sector during this period.

“By maintaining open dialogue with industry stakeholders, we are able to deliver targeted financial solutions that help sustain operations, proactively manage the ongoing situation, and reinforce confidence across the industry,” he said.

The bank said that its efforts are aligned with national priorities to safeguard economic stability and promote resilience within the tourism sector, which remains a cornerstone of the Maldivian economy.

BML said it will continue to monitor developments closely and adapt its support measures as needed, ensuring that the industry is well-positioned for recovery and future growth.

The statement comes a day after Tourism Minister Thoriq Ibrahim told reporters that the BML has been extending financial facilities to resorts facing operational disruptions due to the decline in tourist arrivals.

The closure of the air corridors in the Middle East – key transit hubs for tourists – has led to the cancellation of close to 500 flights to the Maldives.

But Thoriq said that the authorities are working to increase frequency of flights to the country, and also form agreements with new airlines. He said that the authorities have already signed with Ethiopian Airlines, and that the airline is preparing to launch flights to the Maldives.