News Desk
The Abu Dhabi Fund for Development (ADFD) has agreed to defer repayment of a USD 100 million sukuk issued by the Maldivian government, Minister of Finance and Planning Moosa Zameer said today.
Speaking at a press briefing at the President’s Office, Minister Zameer said the government had consulted the UAE authorities, who have now approved the request to postpone the payment. The sukuk was sold to ADFD during the previous administration.
Zameer said he had been scheduled to travel to the UAE to sign the agreement, but the signing will now take place online as part of the government’s cost‑cutting measures introduced in response to the ongoing conflict in the Middle East.
He noted that while not all austerity measures have been publicly announced, the government is taking “important steps” to reduce expenditure and protect state finances during a period of global uncertainty.
According to Zameer, the Maldives has also secured debt relief from other key partners. India has agreed to defer portions of its loans, while China has provided concessions on repayments for some of its financing arrangements.
The government had been expected to repay USD 1 billion this year. However, with the new deferments and concessions, the amount has now been reduced to USD 600 million.
Zameer said the government’s fiscal position has strengthened over the past two years due to tighter spending controls and increased reserves. After settling the USD 500 million sukuk repayment due in April—using funds from the reserves and the Sovereign Development Fund—around USD 150 million will remain available.
He said the government will continue to prioritise financial stability while navigating the economic risks posed by the regional conflict.
