Tourism revenue expected to decline by 50%

Maldives Monetary Authority (MMA) has stated the revenue recorded from the tourism sector is expected to reduce by 50% due to the COVID-19 pandemic.

Speaking at the Parliamentary Committee on Public Accounts, Executive Director of MMA Ahmed Imad said the tourism sector has been massively impacted by the COVID-19 pandemic, resulting in major economic damages to the Maldives as the country is heavily dependent on tourism revenue. Imad said the number of tourist arrivals which have been recorded since the borders were reopened on July 15 have been very low compared to initial projections. He said the daily average of tourist arrivals since July 15 has been around 300, as compared to 4000 to 5000 per day during previous years.

The executive director said revenue generated from tourism is now expected to decline by 50% this year. However, he said MMA is still supplying foreign currency needed for economic activities, despite the low income.