Yameen Slams Alleged 17% Loan Plan to Refinance Sukuk

Former president Abdulla Yameen Abdul Gayoom criticized the Muizzu administration over an alleged plan to borrow at 17% interest to refinance a $500 million sukuk due on 8 April. The government reportedly plans to borrow about $300 million from Cargill Financial Services International. Yameen called the rate reckless and compared it to loan sharks. He linked the high interest to the country's weak credit profile, citing downgrades by Moody's and Fitch Ratings. Yameen also questioned official debt figures, suggesting actual debt is higher than the stated MVR 160 billion.

Former president Abdulla Yameen Abdul Gayoom criticized the Muizzu administration over an alleged plan to borrow at 17% interest to refinance a $500 million sukuk due on 8 April. The government reportedly plans to borrow about $300 million from Cargill Financial Services International. Yameen called the rate reckless and compared it to loan sharks. He linked the high interest to the country's weak credit profile, citing downgrades by Moody's and Fitch Ratings. Yameen also questioned official debt figures, suggesting actual debt is higher than the stated MVR 160 billion.

Former president Abdulla Yameen Abdul Gayoom criticized the Muizzu administration over an alleged plan to borrow at 17% interest to refinance a $500 million sukuk due on 8 April. The government reportedly plans to borrow about $300 million from Cargill Financial Services International. Yameen called the rate reckless and compared it to loan sharks. He linked the high interest to the country's weak credit profile, citing downgrades by Moody's and Fitch Ratings. Yameen also questioned official debt figures, suggesting actual debt is higher than the stated MVR 160 billion.

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