Maldives Possesses Sufficient Funds for Major Debt Repayment, President Assures

MALE’, Maldives – President Dr Mohamed Muizzu has confirmed that the Maldives possesses sufficient funds to repay the year’s largest foreign debt, a USD 500 million Sukuk, even if the payment were required immediately.

Speaking at a press conference today, President Muizzu stated that the government currently holds over USD 650 million in secured funds. This amount includes USD 320 million within the Sovereign Development Fund (SDF) and more than USD 330 million in usable reserves.

“There is no concern; even if the payment were due today, those funds are secured,” the President affirmed, underscoring the government’s preparedness for the obligation.

The government is scheduled to repay the substantial debt on 8 May.

President Muizzu further highlighted that the Maldives’ gross reserves currently stand at USD 1.27 billion, an amount he noted as unprecedented in Maldivian history. He also observed that the Maldivian economy is currently functioning effectively.