Economy finance / Economy Maldives Impact 8.0/10 2 min read

Muizzu Administration Seeks $70 Million Loan From Swiss-Based Vitol Group

The Maldivian government has requested a $70 million loan from the Swiss-based Vitol Group. The loan is needed due to recent credit downgrades by Moody's and Fitch, which lowered ratings to Caa2 and CC respectively. Vitol, which has contracts with STO for oil imports and bunkering, is considering the request. The loan terms include a three-year repayment period at an interest rate above 11%, with the government seeking an extension. The Ministry of Finance has not commented.

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Maldives Republic

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Oct 1, 2024

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The Maldivian government has requested a $70 million loan from the Swiss-based Vitol Group. The loan is needed due to recent credit downgrades by Moody's and Fitch, which lowered ratings to Caa2 and CC respectively. Vitol, which has contracts with STO for oil imports and bunkering, is considering the request. The loan terms include a three-year repayment period at an interest rate above 11%, with the government seeking an extension. The Ministry of Finance has not commented.

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Maldives Republic

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