Maldives tourism has reportedly lost USD 500 million (MVR 7.7 billion) as a result of the US-Iran conflict, Tourism Minister Mohamed Ameen said today, though he stressed that the figure has not been endorsed or verified by the government.

Responding to questions from journalists at a briefing held by the Cabinet Committee on War Damage Reduction, formed by President Dr Mohamed Muizzu, Ameen said the Ministry of Tourism is reviewing how the figure was calculated and cautioned against treating it as an official assessment of sector-wide losses.

“It is not a figure we endorse or verify that the industry is losing USD 500 million,” Ameen said.

He added that the government is not providing any targeted assistance to the tourism sector based on that estimate. “It’s not just tourism, we are providing assistance across all sectors through the government system. But specifically, we are not doing anything to compensate the industry for USD 500 million,” he said.

On April 10, the Maldives National Hotels and Guesthouses Association and the Maldives Association of Travel Agents and Tour Operators (MATATO) issued a joint statement claiming the tourism sector had suffered losses of USD 500 million since March last year.

The statement also said tourist arrivals fell sharply in March and April, declining by 15–20 percent compared with the same period last year. It warned that forward bookings from key markets were also weakening, placing financial pressure on small and medium enterprises, including guesthouses, travel agents and small tour operators.

The two associations said many local businesses had become financially vulnerable, with some nearing closure, and urged urgent intervention from the government and financial institutions.

They called for measures including interest-free moratoriums on loans, restructuring of existing debt, deferment of tax payments, and waivers of fees and quota charges, warning that immediate action was needed to stabilize the sector and prevent further deterioration.