Arrangements in place for $500 million Sukuk repayment, president says

President Mohamed Muizzu has reiterated that the Maldives faces no risk of bankruptcy, assuring that all financial arrangements are in place to meet the country’s upcoming debt obligations, including the USD 500 million Sukuk maturing in April 2026.

Speaking in Shaviyani Bilehfahi on Monday as part of his ongoing atoll tour, the President said the government’s economic management remains on course.

“We are meticulously planning and working on paying the Sukuk payment due next year. The work we are doing is progressing successfully, and it will be fully successful, God willing,” President Muizzu said.

His comments follow the government’s recent payment of USD 24.6 million in coupon dues for the 2021 Sukuk, which he described as evidence of fiscal discipline and sound financial management.

President Muizzu stated that the Maldives’ reserves are stable and that both domestic and foreign debts are being serviced as scheduled. He added that discussions are ongoing with “friendly nations” to explore options for restructuring or easing certain debt repayments.

“This government has no concerns about Sukuk payment matters for next year. Everything is arranged, and we are managing all these matters well while also achieving development goals that will benefit our people,” he said.

The President also pledged to settle all outstanding payments owed to private companies, including long-standing dues inherited from the previous administration, within the next three weeks.