A post from the X account @anedhivehirajje, which former President Mohamed Nasheed has previously acknowledged administering, has alleged that Cargill is offering the Maldives financing at interest rates as high as 15 percent, framing the terms as exploitative at a time of mounting external repayment pressure.
There is, however, no public confirmation from the Ministry of Finance that the government is negotiating a new facility with Cargill, or that any figure around 15 percent has been formally quoted. The claim is circulating largely through social media commentary and private accounts of ongoing discussions.
The allegation has gained traction because it echoes the price tag attached to recent sovereign-backed borrowing linked to Cargill. In late 2024, State Trading Organisation (STO) secured a USD 50 million facility that parliamentarians later confirmed carried an interest rate of 13.13 percent and was backed by a sovereign guarantee.
Separately, the state repaid a USD 100 million loan in March 2025 that had been taken in 2022 from Cargill Financial Services International for budget support, with reported terms of 7.15 percent and total interest costs of around USD 26 million over three years.
The renewed focus on expensive, short-to-medium term borrowing comes as the Maldives approaches a concentrated repayment period, most notably the USD 500 million sukuk maturing on 8 April 2026. The government has previously signalled it is looking at refinancing options around that maturity, including reissuing securities, as external debt service requirements rise sharply.
International ratings agencies have repeatedly warned that the Maldives’ external position leaves it exposed to costly financing and rollover risk. Fitch has maintained the Maldives at ‘CC’, a level indicating very high default risk, while Moody’s rates the country at Caa2. Although Moody’s revised its outlook to stable in late 2025, it has continued to describe the sovereign’s credit profile as distressed, shaped by heavy debt service and limited financing flexibility.
Those constraints are reflected in the broader debt picture described by international reporting. Reuters has reported that public and publicly guaranteed debt climbed to levels exceeding annual economic output, a backdrop that can push creditors to price risk aggressively even when borrowing is backed by government guarantees.
Against that context, the claim of a 15 percent quote, if accurate, would fit the direction of travel: a small, import-dependent economy with a large foreign currency bill and a tight refinancing calendar facing higher risk premiums. But without confirmation from the Finance Ministry, the nature of any discussions with Cargill, including whether they relate to budget support, a specific repayment, or a structured refinancing plan, remains unverified.
