Economy
European tour operators such as ABTA have warned that they will stop selling Maldives packages following the decision to levy a 17% TGST on foreign booking agencies starting October 1 and the requirement compelling resorts to exchange 40% of their foreign currency income into Maldivian Rufiyaa. While the government has decided to pay off in full and clear the USD 50 million T-bill taken through the State Bank of India (SBI) from the Sovereign Development Fund without rolling it over, the World Bank has given assurance that it will continue providing assistance for economic reform efforts. Customs has fined two foreign oil tankers, "KG 1" and "AL 1", MVR 310,000 each, after they illegally entered Maldivian territory, collided with a pillar of the Sinamalé Bridge, and sank. Additionally, the national airline, Maldivian, has decided to conduct walk-in interviews to recruit cabin crew.
Tour operators warn they may stop selling Maldives following tax hikes and mandatory dollar exchange
Following the decisions to increase taxes and implement measures regarding foreign currency exchange in the Maldives, international tour operators warned on 16 September 2026 that they would stop selling Maldives tourism packages. The operators noted that these changes would drastically increase the prices of Maldivian tourism, causing significant difficulties and financial burdens for their business operations. Furthermore, they stated that if these policies are implemented in this manner, the Maldives would lose its competitiveness in the international market, compelling them to choose other destinations.
The national airline, Maldivian, has decided and announced plans to hold walk-in interviews to recruit cabin crew. Conducted with the aim of expanding the airline's operations and further enhancing flight services, these interviews provide a favorable opportunity for young individuals aspiring to advance in the aviation sector. Under this opportunity, qualified and interested candidates have been given the path to attend the interviews and join the Maldivian cabin crew team.
Boats that collided with the bridge have been fined 600,000 (six hundred thousand) Rufiyaa. Relevant authorities took this action after examining matters related to the incident in which the vessels struck the bridge. Accordingly, the boats involved in the incident were fined a total of six hundred thousand Rufiyaa, and actions required according to regulations have been taken. This measure was taken to maintain maritime navigational safety and security, and to ensure the safety of the bridge.
A significant decision was made on 16 September 2026 to pay the 50 million dollar bond owed to India rather than rolling it over. While this bond is a debt owed to India as part of the financial obligations of the Maldives, repaying the bond without extending its maturity (without rolling it over) is a notable step taken in managing the country's financial situation and external debt. Although the bond's term was extended previously, deciding not to roll it over this time demonstrates the capacity to repay debt and the efforts undertaken at the national level to reduce the debt burden. Moreover, this decision has drawn the attention of the financial sector regarding the financial relations between the Maldives and India, as well as the changes that will occur to state reserves.
On September 16, 2026, the World Bank gave full assurance that it will continue to provide assistance to the Maldives. This assurance was given during a meeting held between the World Bank's Vice President for the South Asia Region and President Dr. Mohamed Muizzu. In this meeting, it was stated that the bank's cooperation, financial, and technical assistance in the efforts being made for the development and economic progress of the Maldives will continue uninterrupted. Furthermore, confidence was assured that the bank will always participate in assisting the important projects being carried out by the government for the benefit of the people.