The Sovereign Development Fund (SDF) spent US$350 million to repay the US$500 million sukuk taken by the state in 2021, Minister of Finance and State Enterprises Hassan Zareer has revealed.
Speaking about the state’s debts at the 10th “Aha” forum on Sunday night, the minister said that, amid changes in global markets and the Maldives’ credit rating, depositing tax revenue received in foreign currency into the SDF and setting it aside for debt repayment had brought major relief.
In addition to the SDF funds, US$175 million from state reserves was also spent to repay the sukuk. So far, a total of US$1.4 billion has been spent to repay debts maturing this year.
According to the minister, the debts repaid include the US$400 million currency swap facility signed with India in 2024, in addition to the US$500 million sukuk.
The “Aha” forum series, organised by the President’s Office and Public Service Media (PSM), gives the public an opportunity to question ministers about the work of government ministries and offices. Sunday’s forum was held at Sultan Park in Malé.
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