India is ready to provide the Maldives with financial support as a first sukuk default looms, with the Maldives able to access a US$400 million RBI currency swap and potentially a US$800 million Indian line of credit. The Maldives faces a US$25 million sukuk payment due in October against reserves of US$444 million (US$61 million usable), while total state debt is expected to reach MVR 129 billion this year.
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the Maldives could immediately avail itself of the US$400 million available under the Reserve Bank of India’s (RBI) currency swap programme, which is open to regional countries.
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the Maldives could also seek long-term assistance through a US$800 million line of credit originally extended during the Ibrahim Mohamed Solih administration in 2019
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the Maldives is currently facing a US$25 million payment on its approximately US$500 million outstanding sukuk due in October.
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the Maldives is currently facing a US$25 million payment on its approximately US$500 million outstanding sukuk due in October.
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The Maldives’ reserves currently stand at US$444 million, with usable reserves at US$61 million
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Earlier reports gave US$492 million 3 Jul, 23:08 Maldives RepublicUS$622.1 million 29 Jun, 19:26 Maldives Republic
The Maldives’ reserves currently stand at US$444 million, with usable reserves at US$61 million; meaning reserves barely cover a month of imports.
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Earlier reports gave US$21.97 million 18 Aug, 18:25 Maldives RepublicUS$66.9 million 2 Aug, 14:15 Maldives Republic
While total state debt is expected to reach MVR 129 billion this year, the nation will have to make significant debt payment over the next two years.
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The Maldives Monetary Authority (MMA) had, last month, confirmed it had been working on a US$400 million currency swap agreement with India.
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