The Ministry of finance has revealed that a total of 88 resorts under development are causing a loss of USD 1.7 billion (MVR 26 billion) annually due to contractual breaches.
The ministry in its most recent fiscal performance report highlighted that multiple resorts were still in development despite strong tourism growth. The in-development resorts were incurring economic losses in terms of lack of tourism receipts and job opportunities.
It was also indirectly impacting other affiliate industries as well, the ministry's report said.
The ministry's report further highlighted that Kaafu atoll had the highest number of incomplete resorts, with 29 in various phases of development.
Kaafu atoll also consists the most number of tourist properties in the Maldives, with close to 55 currently in operation.
The second-highest number of incomplete resorts is in Gaafu Alif atoll, with 10 under development. Additionally, seven resorts have stalled development in Laamu atoll, with five more facing challenges in both Baa and Noonu atolls.
A total of 173 tourist resorts are currently operational in the Maldives.
Maldives government has attempted to provide ease for incomplete resorts multiple times to expedite their development.
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