President Dr. Mohamed Muizzu has reaffirmed the Maldives’ financial resilience, announcing that the country’s scheduled Sukuk repayment will proceed on April 8 as planned, despite ongoing instability in the Middle East.
Addressing the press, the President confirmed that the conflict has not eroded the nation’s official foreign currency reserves, underscoring the government’s preparedness to withstand external shocks. He revealed that as of March 18, total state reserves stood above USD 1.2 billion, with over USD 300 million available as usable reserves.
“As previously planned, using the funds available in the usable reserve and the Sovereign Development Fund, the Sukuk payment will be fully settled by April 8,” the President stated, reinforcing confidence in the Maldives’ fiscal management.
Muizzu noted that authorities are closely monitoring global developments and implementing proactive measures to mitigate potential economic impacts. He highlighted continued efforts to secure uninterrupted fuel supplies, confirming the arrival of a new shipment this week and additional deliveries scheduled for the coming month.
To cushion citizens from rising global oil prices, the government is also working alongside private sector partners to manage price volatility and ensure affordability of essential commodities.
The assurance comes at a time of heightened global uncertainty, with the Maldives navigating both external economic pressures and its reliance on imported fuel. The government maintains that honoring its financial obligations on schedule will reinforce international confidence and uphold the country’s creditworthiness.
