President Dr Mohamed Muizzu stated that sufficient funds are in place to meet the repayment of the USD 500 million Sukuk, due on 8 April 2026, and that the Maldives' gross reserves currently stand above the figures cited in the Presidential Address.
He made these remarks during his first press briefing of the year, held this morning at the President's Office.
Sharing updates on the Sukuk with journalists, the President highlighted that more than USD 650 million has already been set aside for the repayment, and that even after settling the USD 500 million obligation, the Government would retain over USD 150 million.
He further noted that the Sovereign Development Fund (SDF) currently holds more than USD 320 million, with an additional USD 330 million available as usable reserves.
President Dr Muizzu stated that the Government is fully prepared to honour the Sukuk repayment on schedule, reiterating that the current gross reserve level represents a historic milestone for the Maldives.
He noted that the figure cited in the Presidential Address was itself a record, and that reserves have since climbed even higher, now reaching USD 1.27 billion.
The strengthened reserve position, he added, enhances the Maldives' capacity to manage potential economic impacts arising from ongoing developments in the Middle East.
