Maldives Will Not Default on Sukuk: Finance Minister

Finance Minister Mohamed Shafeeq assured that Maldives will not default on the US$25 million coupon payment for its Sukuk, with the first payment already made in March and the next due on 8 October. He dismissed rumors of depleted reserves, noting improved reserves and MIRA collections. The US$500 million Sukuk, sold in 2021, is listed on ADX. Official reserves stand at US$395 million. The administration is working on a US$400 million currency swap with RBI and planning a green bond.

Finance Minister Mohamed Shafeeq assured that Maldives will not default on the US$25 million coupon payment for its Sukuk, with the first payment already made in March and the next due on 8 October. He dismissed rumors of depleted reserves, noting improved reserves and MIRA collections. The US$500 million Sukuk, sold in 2021, is listed on ADX. Official reserves stand at US$395 million. The administration is working on a US$400 million currency swap with RBI and planning a green bond.

Finance Minister Mohamed Shafeeq assured that Maldives will not default on the US$25 million coupon payment for its Sukuk, with the first payment already made in March and the next due on 8 October. He dismissed rumors of depleted reserves, noting improved reserves and MIRA collections. The US$500 million Sukuk, sold in 2021, is listed on ADX. Official reserves stand at US$395 million. The administration is working on a US$400 million currency swap with RBI and planning a green bond.

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