ADFD to defer USD 100m bond repayment, says Maldives president

President Mohamed Muizzu said on Thursday that the Abu Dhabi Fund for Development (ADFD) has agreed to defer repayment of a USD 100 million bond issued by a previous administration.

Speaking during his presidential address at the opening sitting of People’s Majlis, President Muizzu said the agreement followed discussions held by the government as part of efforts to manage public debt. He said ADFD agreed to extend the maturity of the bond by five years.

“The Abu Dhabi Fund for Development agreed to roll over the USD 100 million bond issued by the then government on 26 April 2018, following consultations held by this government to extend the maturity period to five years,” the President said.

The bond was issued in 2018 and listed on the Abu Dhabi Securities Exchange as part of measures to manage state debt.

According to the government, the bond carries a five-year maturity period and a coupon rate of 5.5 per cent per annum. The bond was assigned a B+ rating by Fitch Ratings.