News Desk
President Dr Mohamed Muizzu said his government settled the USD 524.68 million sukuk repayment earlier this month without selling any state assets or taking on new large debts, safeguarding four major properties mortgaged by the previous administration. He made the remarks at a PNC rally in Rasdhoo on Saturday night, held to celebrate the party’s victories in Ukulhas, Thoddoo and Rasdhoo.
President Muizzu said the repayment, made on 2 April, was a top priority for the administration, which he said had inherited the liability from the former government. He stressed that the payment was made entirely through state resources.
“We did it with our own economic strength. We did not take on more huge debts. We preferred to pay off this USD 500 million that we inherited from the previous administration,” he said.
He said the opposition’s claims that the sukuk had not been paid were false, adding that documentation was available at the Maldives Monetary Authority, the Finance Ministry and international financial institutions.
According to the President, the repayment prevented the loss of four major state properties that had been pledged as collateral: the Dharumavantha Hospital building, the Finance Ministry building, the land of Iskandhar School and the land where IGMH stands.
“If the sukuk was not paid, these places would have been lost. These are hard assets of the country. They were mortgaged, and now they are saved,” he said.
President Muizzu said more state properties had been mortgaged in similar arrangements and that the government was working to recover them. He said the administration had paid off significant amounts of debt over the past two years and had not defaulted on any obligations.
He added that the government was pushing ahead with development projects across the islands, awarding contracts to private companies under Bank of Maldives’ contractor finance scheme. Projects worth MVR 4 billion had been awarded to Maldivian companies, he said, with financing fully arranged and work progressing in various stages.
The President reiterated that the government had not gone bankrupt and had met its international financial commitments without selling state assets. He said the repayment of the sukuk, originally issued in 2021 to refinance a USD 250 million bond, demonstrated the administration’s commitment to financial responsibility.
