Former MDP chairperson Fayyaz Ismail has warned of a 'dangerous lack of planning' over a USD 500 million sovereign Sukuk due in April, accusing the Muizzu government of not presenting a refinancing strategy. He called for transparency on the Sukuk status and reports of borrowing at double-digit interest rates, while raising concerns over possible land sales to foreigners.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
This silence raises serious concerns
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In a post on X, Ismail said a USD 500 million sovereign Sukuk due in April was a known liability that required advance preparation.
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During the COVID-19 period, Ismail said, the MDP government faced an unexpected collapse in tourism and a loss of more than MVR 25 billion in state revenue.
Word for word from the report in Maldives Republic. Open the report
He pointed to 2021, when the MDP-led administration refinanced an existing US dollar bond through the Maldives’ first international Islamic Sukuk, stabilising reserves and maintaining investor confidence during the global COVID-19 crisis.
Word for word from the report in Maldives Republic. Open the report
