The Maldivian government has made a $25 million coupon payment for the $500 million sukuk issued by the previous administration in 2021. This payment, which was due by tomorrow, is the second such payment made this year.

The sukuk, a Sharia-compliant bond, requires coupon payments to be made either once or twice a year, depending on the terms of the bond. The first payment for this sukuk was made in March 2024, and the second, announced by the Finance Ministry, was paid this week.

In a statement issued on Monday, the Ministry of Finance confirmed that the payment has already been made, emphasizing that making timely payments on the sukuk is a priority for the government. The ministry also noted that such payments help maintain confidence among foreign investors and creditors, ensuring the country's financial stability and credibility on the international stage.

Looking ahead, the government is scheduled to make further sukuk coupon payments, with a $50 million payment expected in 2025 and a final $25 million payment due in 2026. These payments are part of the ongoing fiscal obligations associated with the sukuk issued by the previous administration.

The Maldives has continued to rely on sukuk issuances as a tool for financing infrastructure projects, with this payment further underscoring the country’s commitment to meeting its debt obligations.