The value of the Maldives’ Sukuk has significantly increased in recent months, as the Maldivian economy gradually stabilizes and investor confidence in the country grows. The Sukuk, which reflects the international market’s confidence in the Maldivian economy, was at USD 64.72 in early April. However, by last Monday, its value had risen to USD 87.44, according to the Ministry of Finance. The previous government sold a Sukuk worth USD 500 million (MVR 7.7 billion) in 2021. For this Sukuk, a total of USD 50 million is payable annually as coupon or interest, divided into two payments of USD 25 million each.
This government has been making these coupon payments on their due dates, with the most recent coupon payment made in April. The second payment of USD 25 million for this year is due in October. The increase in Sukuk value is an indication of the government’s financial policies and its approach to strengthening the economic fundamentals of the Maldives. Among the reasons for this, the optimistic and crucial measures recently taken by the Maldivian government are noteworthy. Furthermore, significant progress has been achieved with the government’s efforts to strengthen robust and cooperative international partnerships. The Ministry of Finance states that successful discussions have been held with key bilateral partners to secure a refinancing package.
When President Dr. Mohamed Muizzu assumed office, the Maldivian economy was in a very challenging state. However, the government has undertaken extensive efforts to improve the economy. The Ministry of Finance states that this is a positive outcome of those efforts.
