Former President Mohamed Nasheed has welcomed the government’s decision to fully repay the 2021 Sukuk without taking on additional debt, describing the move as an encouraging sign for the Maldivian economy.

In a post on X, Nasheed stated that it was “very encouraging” to see the Sukuk bond settled in full without further borrowing, noting that the development sends a positive signal for the country’s fiscal outlook.

The government repaid a total of USD 524.68 million (approximately MVR 8 billion) ahead of the April 8 deadline.

The Sukuk was originally issued in 2021 during the administration of former President Ibrahim Mohamed Solih.

According to the Ministry of Finance, the total disbursement comprised the USD 500 million principal and USD 24.68 million in profit payments.

The Ministry stated that the repayment marks a significant step toward strengthening the Maldives’ fiscal position and reducing its overall debt burden.

Officials further highlighted that the settlement has contributed to a notable decline in the national debt-to-GDP ratio.