President Dr Mohamed Muizzu has stated that there is no difficulty in paying the USD 500 million sukuk owed in April, revealing that even at present, there is USD 650 million in reserve.
In today's press conference, launching the weekly Monday press briefings, President Muizzu said that the USD 500 million (MVR 7.7 billion) sukuk sold in 2021 by the former President Ibrahim Mohamed Solih administration is due for repayment on April 8.
"The government has decided to pay the USD 500 million sukuk on April 8, 2026. That is the scheduled date for the payment. To pay the sukuk on April 8, we now have over USD 650 million saved," he stated.
Going into detail, the President stated that, as of yesterday, there is USD 320 million in the Sovereign Development Fund and USD 330 million in usable reserves.
"We will have USD 150 million remaining even after paying the USD 500 million sukuk," he said.
The President noted that discussions on other owed foreign loans are ongoing, with promising progress reported.
The government is also paying what is owed to State Owned Enterprises, with an additional MVR 200 million to be issued next week, according to the President.
In the coming week, issuing payments to companies owed under MVR 1 million will be prioritized, he revealed.
The President stated that the Maldives economy is in a strong, stable position, noting that it is growing and strengthening rapidly.
