The government has decided to provide a sovereign guarantee for a $300 million sukuk that Bank of Maldives (BML) is seeking to issue to foreign investors, revising its guaranteed debt target from 10 percent to below 15 percent of GDP. Proceeds are planned for resort development in the northern Maldives, while Finance Ministry data shows guaranteed debt at MVR 19.1 billion, or 15.4 percent of GDP, as of June.
One outlet so far Only Adhadhu (English) has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
indirect solution
Government · Utilise the sukuk funds to finance resort development in the northern Maldives to increase bed capacity in the region
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The government has decided to provide a sovereign guarantee for a $300 million sukuk that the Bank of Maldives (BML) is seeking to issue to foreign investors.
Word for word from the report in Adhadhu (English). Open the report
The government had previously aimed to reduce guaranteed debt to 10 percent of GDP by the end of 2028.
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However, the target has been revised in next year's budget to a new goal of maintaining guaranteed debt below 15 percent of GDP.
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the Finance Ministry estimated that guaranteed debt would have stood at 7.5 percent of GDP next year without the BML sukuk.
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However, with the inclusion of this sukuk, the ratio is projected to rise to 13.5 percent next year.
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Finance Ministry statistics show that as of June this year, guaranteed debt stood at MVR 19.1 billion, equivalent to 15.4 percent of GDP.
Word for word from the report in Adhadhu (English). Open the report
Finance Ministry statistics show that as of June this year, guaranteed debt stood at MVR 19.1 billion, equivalent to 15.4 percent of GDP.
Word for word from the report in Adhadhu (English). Open the report
Notably, 97 percent of this debt is denominated in foreign currency.
Word for word from the report in Adhadhu (English). Open the report
The government has decided to provide a sovereign guarantee for a $300 million sukuk that the Bank of Maldives (BML) is seeking to issue to foreign investors.
Word for word from the report in Adhadhu (English). Open the report
However, the target has been revised in next year's budget to a new goal of maintaining guaranteed debt below 15 percent of GDP.
Word for word from the report in Adhadhu (English). Open the report
