Maldives to meet $500 million Sukuk payment next month

Minister of Finance and Planning Moosa Zameer has stated that the government will meet the coupon payment for the USD 500 million sukuk issued in 2021 as scheduled next month.

The sukuk, which matures in April 2026, requires coupon payments twice a year in April and October.

Zameer made the statement on Wednesday during a press conference held at the President’s Office.

He said there are no obstacles to making the payment according to the schedule.

“All preparations to facilitate the USD 500 million sukuk payment on April 8 are proceeding as planned. We are coordinating disbursements and communication with the relevant agents,” the minister said.

He added that further details will be shared after the transaction is completed.

President Dr Mohamed Muizzu had previously addressed the sukuk during his Presidential Address. Zameer stated that the plans outlined were developed in consultation with the Maldives Monetary Authority (MMA) and the Ministry of Finance, and that there have been no changes to those arrangements.

The USD 500 million sukuk represents the largest external debt repayment due this year.

The President has stated that USD 650 million has been allocated for the payment, with more than USD 150 million expected to remain after the settlement.