$650mn raised to settle Sukuk, immediate repayment possible: President

President Mohamed Muizzu said on Monday that the Maldives will repay its USD 500 million Sukuk this year, confirming that the payment will be made on April 8.

Speaking at a press conference at the President's Office, the President said funds required for the repayment have already been set aside, in line with commitments made in his presidential address.

“There is USD 650 million reserved for payment on that date. The USD 500 million Sukuk will be paid, and a balance of USD 150 million will remain,” he said.

Providing a breakdown of the reserved amount, President Muizzu said USD 320 million is held in the Sovereign Development Fund, while USD 330 million is available in usable reserves.

“We will pay the amount by April 8. We are ready to make the payment from today,” the President said.

He added that the country’s total reserves currently stand at USD 1.27 billion.

The President said the government is working to settle external debt obligations while managing liabilities owed to domestic parties.