Former President Mohamed Nasheed has praised the Maldivian government for successfully repaying USD 500 million in Sukuk, calling it a significant financial achievement.

According to the Finance Ministry, the government paid a total of USD 524.68 million, which includes USD 500 million in principal and USD 24.68 million in profit. The repayment was made using funds from the Sovereign Development Fund (SDF) and state reserves, without taking on additional loans.

Nasheed described the full repayment as encouraging, noting that settling the debt without new borrowing reflects strong fiscal management.

The Sukuk was originally issued in 2021 to refinance a USD 250 million bond. Officials stated that the current administration, which took office in 2023, implemented key measures to strengthen repayment capacity, including boosting foreign currency reserves in the SDF.

The government reported that SDF reserves have surpassed USD 350 million, while total national reserves reached a record USD 1.3 billion. Authorities also highlighted policy adjustments, such as revised airport development fees, to support revenue without burdening local travelers.

In addition, the government has completed the rollover of a USD 100 million bond with the Abu Dhabi Fund and continues to work with international financial institutions to maintain economic stability.

Officials say maintaining fiscal discipline and reducing the debt-to-GDP ratio remain key priorities, with the Sukuk repayment marking a major step toward those goals.