Ministry of Finance has stated that on 7th June 2022, the Government of Maldives repaid the outstanding US$58.03 million of the debut US$250 million Eurobond (5-year 7% coupon per annum) which was issued to the international debt capital market in June 2017. As part of its proactive approach in managing debt, the Government refinanced US$191.97 million of the US$250 million in April 2021 through a market friendly “any-and-all” tender offer from the proceeds of the debut international Sukuk.
The Government has extended its sincere gratitude and appreciation to its investors from across the world in supporting and contributing to the development journey of the Maldives. Government remains confident in its ability to service all its debt obligations and is committed to ensure fiscal and debt sustainability.
This news comes after President Ibrahim Mohamed Solih assured that the Maldives’ economy is on a positive path, announcing that the country’s nominal Gross Domestic Product (GDP) is expected to surpass MVR100 billion in 2023 and GDP growth at 13 per cent. The President assured further that the country’s international reserves are expected to remain at pre-Covid levels as the recovering economy attracts foreign currency inflows. The reserves, the President said, would remain healthy throughout the year.
