President Mohamed Muizzu has assured that the Maldives has secured sufficient funds to repay the USD 500 million Sukuk maturing on 8 April 2026, dismissing any concerns about the country’s ability to meet the obligation.
Speaking at a press briefing on Monday, the President revealed that more than USD 650 million has already been allocated toward settling the Islamic bond. He emphasised that preparations are well underway and that the Government is confident in its repayment plan.
The President noted that the Maldives’ gross foreign reserves currently stand at approximately USD 1.27 billion — describing it as the highest level recorded in the nation’s history.
Providing further detail, he said over USD 320 million is held within the Sovereign Development Fund (SDF), while more than USD 330 million is available as usable reserves. Combined, the figure surpasses USD 650 million, exceeding the amount required for the upcoming Sukuk repayment.
The Sukuk, issued in 2021, represents one of the country’s major external debt obligations and has drawn significant public and market attention as its maturity date approaches.
Beyond the April repayment, President Muizzu said additional financing arrangements for the year are progressing steadily. Negotiations and related financial transactions, he stated, have reached advanced stages.
He reiterated that the Government’s broader economic management strategy is focused on ensuring the timely servicing of both external and domestic debt, while maintaining financial stability.
The assurance comes amid heightened scrutiny of the Maldives’ fiscal position, with international observers closely monitoring reserve levels and debt sustainability indicators.
With just weeks remaining until the Sukuk matures, the administration maintains that the country is well-positioned to honour its commitments without disruption.
