President Dr. Mohamed Muizzu announced on Monday that the Maldives has repaid USD 924 million in external debt within just 21 days, describing it as a major milestone in the government’s ongoing efforts to stabilise the economy while maintaining uninterrupted public services and development projects.
Speaking during a press briefing at the President’s Office, Muizzu said the repayments were made without taking on new loans, selling state assets, or suspending key government initiatives.
According to the President, the repayments included a USD 500 million sovereign Sukuk issued by the previous administration in 2021, alongside the settlement of a USD 400 million currency swap facility signed during his state visit to in 2024.
“Within about 21 days, we have paid off nearly a billion dollars. We have managed these debt repayments ensuring no default occurs, and without mortgaging any state assets,” Muizzu said.
He added that the government had also succeeded in releasing assets that were previously pledged as collateral, while continuing efforts to strengthen the country’s financial position.
Beyond foreign debt obligations, the President said the administration is also clearing long-overdue payments owed to local businesses and contractors.
Over the past six months, the government has paid MVR 3.3 billion to companies for completed works and services, he said. An additional MVR 260 million is scheduled to be disbursed before the end of the month.
Muizzu noted that payments are currently being processed for around 700 vendors every week through various government ministries and agencies.
He stressed that despite inheriting significant financial liabilities, the administration remains committed to settling debts responsibly without disrupting essential public services.
The government has previously said it is also engaging with foreign governments and international partners through diplomatic channels to seek debt relief measures and financial concessions as part of its broader economic recovery strategy.
