Muizz says will restructure debt in 6 months to get 'critical' breathing space
Maldives' debt service requirement in 2026 alone is estimated to be USD 1 billion.
Main opposition PPM-PNC presidential candidate Dr Mohamed Muizz said on Saturday that the Maldives can get breathing space only after debt restructuring and he will do so within the first six months of coming to power.
Muizz was responding to questions in an exclusive interview with Atoll Times' sister publication Dhuaru Saturday morning. In the interview, Muizz spoke about his fiscal policies and his vision to manage the country's debt.
Muizz reiterated his pledge to restructure the country's debt, which stands at about 120% of GDP.
"It means finding ways to restructure the debt, to extend the repayment deadlines, to distribute them, to get funds from the other sources and pay one part of the dues and restructure the balance," he said.
Maldives' debt service requirement in 2026 alone is estimated to be USD 1 billion. This is the largest debt repayment in a year in the country's history.
Muizz said the first six months of next year will be critical for the Maldives. However, he said that his government would do a lot of work to refinance the debt sooner rather than later and was confident that it would be successful.
"From the time we assume office in late 2023 by early 2024, we will have six months which will be critical. In those six months, we will work on debt refinancing. God willing, we will be successful," Muizz said.
