Sukuk payment of $500m due in April reveals Maldives’ debt woes
Bonds
World Bank warned four years ago that payments would be unsustainable by 2026
The Maldives is said to have held talks with Cargill Financial Services International to borrow about $300 million to settle a $500 million Sukuk maturing in April. (Photo by Yuji Kuronuma)
MALE — Maldivian President Mohammed Muizzu is trying to reassure his South Asian nation that it has sufficient foreign reserves to settle a $500 million Sukuk bond, a challenging one-off payment due early April in a country already strapped for dollars and bracing for more pressure on its foreign reserves due to the U.S.-Israeli war on Iran.
