Government pays USD 25 million for sukuk repayment

Ministry of Finance has disclosed that the government has made a payment of USD 49.4 million towards securities due in the International Debt Capital Market this year. The Ministry emphasised that repaying the Maldives’ debt to foreign institutions is a top priority.  

In 2021, the government issued a USD 500 million sukuk, maturing in 2026, which requires semi-annual coupon payments—due in April and October. 

This year, the deadline for the last coupon payment is on the 8th of this month. The Ministry confirmed that the payment was made ahead of the deadline, having already disbursed USD 24.7 million for the October coupon. The total of USD 49.4 million paid this year includes both the April coupon and the two payments made. 

To maintain investor confidence, the Ministry of Finance noted that the sukuk coupon will be paid in cash. Of the remaining USD 74.1 million for the sukuk coupon, USD 49.4 million is due next year, with the final payment scheduled for April 2026. 

SOURCE : PSM