The government has decided to take out a USD 300 million loan in 2025 to repay the maximum amount of debt in 2026, Finance Minister Mohammed Shafeeq revealed on Wednesday.

The Minister was responding to questions raised by members of the Finance Committee of Parliament regarding the Quarterly Debt Bulletin, Fiscal Strategy Statement and Medium Term Debt Strategy Statement.

The minister said the government will have to repay USD 500 million in one lump sum in 2026.

The USD 300 million will be taken to pay off part of the debt in years rather than in a lump sum.

The minister said that a lump sum of USD 100 million in debt repayment has to be paid next year, and with other debts, a total of USD 500 million will be spent on debt repayments next year.

In addition to that, in 2026, a lump sum of USD 500 million has to be paid, bringing the total debt repayment in 2026 to USD 1 billion, he said.