Maldives Assures Full Readiness to Repay USD 500 Million Sukuk

President Dr Mohamed Muizzu has delivered a confident and comprehensive update on the Maldives’ economic resilience, affirming that sufficient funds are in place to meet the upcoming USD 500 million Sukuk repayment due on April 8. 

Speaking during his first press briefing of the year at the President’s Office, President  Muizzu emphasised that the nation’s financial position has strengthened significantly, with gross foreign exchange reserves now standing at an all-time high of USD 1.27 billion—surpassing the previously cited figures in his Presidential Address early last month.

The President revealed that over USD 650 million has already been allocated specifically for the Sukuk repayment, ensuring not only full coverage of the obligation but also leaving a surplus of more than USD 150 million post-settlement. He underscored that this level of preparedness reflects prudent fiscal management and a strategic commitment to maintaining economic stability. 

Additionally, President Muizzu highlighted the robust position of the Sovereign Development Fund (SDF), which currently holds over USD 320 million, with another USD 330 million available as liquid, usable reserves—further bolstering national financial security.

“This repayment is not a concern for the Maldivian economy,” President Muizzu stated firmly. “We are not only on track but ahead of schedule. Our current reserve levels mark a historic milestone, reinforcing our capacity to navigate global economic uncertainties, including the ongoing developments in the Middle East that may impact tourism and trade.” 

He noted that ongoing efforts to secure additional financing are advancing in close coordination with relevant institutions and are now in the final stages, underscoring the government’s proactive approach to long-term fiscal planning.

Reaffirming the administration’s commitment to both international and domestic obligations, President Muizzu announced that at least MVR 200 million will be disbursed to small and medium enterprises (SMEs) in the coming week for services rendered to the government. This move, he said, reflects the administration’s dedication to supporting local businesses and ensuring timely payments across all sectors.