Sukuk settlement marks major confidence boost for global investors: Minster Saeed
Maldives' successful repayment of a USD 500 million sovereign sukuk has significantly strengthened international confidence in the country’s economy, Minister of Economic Development and Trade Mohamed Saeed announced.
Addressing reporters at the President’s Office, Minister Saeed described the repayment as “a major economic milestone” that prevented a potential default and reaffirmed the Maldives’ fiscal credibility on the global stage.
The Islamic bond, issued by the previous administration in 2021, was due to mature on April 8 this year.
He noted that President Dr Mohamed Muizzu had prioritised settling the sukuk soon after taking office, recognizing it as essential to stabilising public finances and maintaining investor trust.
It boosted the confidence of many people who wanted to invest in Maldives. It also gave a lot of confidence to those who have already invested in Maldives, including foreign investors and local businesses,
Minister Saeed said
The government repaid the bond on April 2 using state reserves and funds from the Sovereign Development Fund.
Minister Saeed explained that the timely payment sends a clear message of financial discipline to international markets, particularly at a time of global uncertainty caused by ongoing conflicts in the Middle East.
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