As part of the government’s strategic efforts to manage and settle national debt, President Dr. Mohamed Muizzu has announced that approximately $924 million in external debt was repaid within the past 21 days alone. This significant repayment includes a $500 million Sukuk and a $400 million currency swap arrangement with India. Notably, these obligations were met without pledging any sovereign assets as collateral; furthermore, the administration is actively working to reclaim assets that had been previously mortgaged.
In addition to external debt obligations, the President highlighted that 3.3 billion MVR has been disbursed to local companies over the last six months to address domestic debt. Currently, the government is facilitating payments to an average of 700 vendors each week. The administration’s primary objective is to stabilize the economy and steer the nation away from the burden of debt while avoiding the acquisition of further loans.
