President Dr Mohamed Muizzu announced that the government has sufficient capital to honour its Sukuk obligations, which mature next month, even if an immediate demand for payment were made.
At a press conference held at the President’s Office on 2 March, President Muizzu outlined his administration’s plan to settle the USD 500 million Sukuk by its scheduled maturity date of 8 April 2026. He asserted the financial resilience of his government, stressing that the government is prepared to meet its commitments without hesitation.
The president revealed that the government has deliberately set aside more than USD 650 million specifically earmarked for Sukuk repayment. He pointed to the strength of the nation’s macroeconomic buffers, noting that the Maldives’ gross reserves have reached USD 1.27 billion, the highest level in the country’s history.
Detailing the composition of these reserves, President Muizzu stated: “As of yesterday [1 March] evening, the [Sovereign Development Fund] SDF holds an excess of USD 320 million, while our usable reserves account for more than USD 330 million; consequently, we have amassed a collective total of over USD 650 million in savings.” He added that the administration remains actively engaged in securing any additional funding required for the current fiscal year.
The president also sought to reassure both the public and investors about the nation’s fiscal solvency. “Highly successful talks are currently underway, and our negotiations are reaching their concluding phases; there is no cause for apprehension regarding debt repayment, as the economy is being strategically managed to ensure the fulfilment of both our external and domestic debt obligations,” he remarked.
The government has consistently upheld financial discipline, executing all required payments in strict accordance with the Sukuk repayment schedule to date.