President Dr. Mohamed Muizzu has confirmed that the Government of the Maldives has secured sufficient financial resources to fully repay the USD 500 million Sukuk due on 8 April 2026, while maintaining a strong reserve position that reflects the continued resilience and stability of the national economy. The remarks were delivered during the President’s first press briefing of the year, held at the President’s Office, where he provided an update on the country’s financial preparedness and broader economic outlook.
Addressing questions from journalists, the President explained that more than USD 650 million has already been set aside for the Sukuk repayment. This amount exceeds the total obligation, ensuring that the Government will retain more than USD 150 million even after the USD 500 million repayment is completed. He noted that the country’s financial planning reflects a careful and structured approach to managing external debt obligations while safeguarding macroeconomic stability.
President Dr. Muizzu also shared updated figures regarding the country’s foreign reserve position. According to the latest data, the Maldives’ gross reserves have increased further beyond the figures cited during the Presidential Address earlier this year, now reaching approximately USD 1.27 billion. The President described this level as a historic milestone for the Maldives, highlighting that the reserve position has strengthened further since the earlier announcement.
Additional financial buffers are also maintained through the Sovereign Development Fund (SDF), which currently holds more than USD 320 million. In addition, around USD 330 million is available as usable reserves. Together, these resources provide a strong financial cushion that supports the Government’s ability to manage both scheduled debt repayments and potential economic challenges arising from global developments.
President Dr. Muizzu stated that the strengthened reserve position enhances the Maldives’ ability to respond to external economic pressures, including possible impacts linked to ongoing developments in the Middle East and other global market fluctuations. Maintaining a robust reserve level, he noted, is essential for ensuring financial stability and protecting the country’s economic interests in a rapidly evolving global environment.
The President further informed that discussions with relevant authorities regarding additional financial resources are progressing well and have reached an advanced stage. These efforts are part of the Government’s broader financial strategy aimed at strengthening fiscal resilience and ensuring sustainable economic growth.
Reaffirming the Government’s commitment to responsible financial management, President Dr. Muizzu stated that the Administration will continue to meet all external debt obligations in a timely manner while also fulfilling domestic payment commitments. As part of this effort, the Government plans to disburse at least MVR 200 million to small businesses that have carried out work on behalf of the Government during the coming week. The payment is expected to provide additional liquidity support to local enterprises and contribute positively to economic activity.
The President also shared updated statistics related to currency exchange operations conducted under the Foreign Currency Act. Based on the latest figures, he affirmed that the Maldivian economy remains in very strong condition, describing it as stable, fast-growing, and expanding across multiple sectors.
President Dr. Muizzu emphasised that the Government’s fiscal management strategy prioritises economic stability, timely debt servicing, and continued support for domestic businesses. With reserves at historically high levels and repayment funds secured well ahead of the Sukuk maturity date, he assured that the Maldives faces no concerns regarding its external debt obligations while continuing to pursue sustainable economic progress.
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