Restaurant Association claim over MVR20mn in collective losses

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The Restaurant Association of Maldives (RAM) reveal a collective loss over MVR20 million due to Covid-19 pandemic.

As per the association, the closure of 18 restaurants and cafes in Greater Male’ Region due to viral pandemic saw major revenue loss.

Moreover the association’s President Ibrahim Amir claims over 7,000 job cuts in the industry due to the unprecedented economic setback.

“Some of the major restaurant chains in Male’ area have accounted for hundreds of job cuts, while almost all of these places went through redundancies,” Amir comments.

Meanwhile restaurants and cafes operating outside Male’ region closed down during lockdown period – contributing to the wide scale loss.

Furthermore, Amir confirms the outlets in Male’ region faced business termination over heavy financial losses.

Amir confirms these outlets had to shutdown as they had “no other option left.”

Additionally, he notes several other outlets at the verge of closure while many others are at a breaking point.

Prior to the lockdown the industry strength stood around MVR3 million in revenues on daily terms from a total of 1,478 outlets in Male’ region.

Earlier, Maldives government made announcement of closing food and beverage outlets during lockdown – leaving takeaway and delivery options open.

Following ease on lockdown measures, cafes and restaurants reopened operational until 22:00hrs.

However, due to curfew measures present in the region, businesses remain critical condition.

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