President Dr Mohamed Muizzu has announced that the Government has settled a USD 50 million legacy debt repayment due today.
The President made the announcement during the weekly press briefing held today at the President’s Office, where he outlined the Government’s ongoing debt servicing and fiscal management efforts.
The President stated that the current Administration has so far settled a total of USD 974 million in debt repayments inherited from previous governments. This includes USD 524 million in Sukuk repayments and a USD 400 million currency swap repayment. He further noted that the USD 50 million payment settled today formed part of the USD 150 million loan facility extended by India during the previous administration and was due on 11 May 2026.
He added that these efforts form part of the Government’s commitment to reducing the national debt burden and ensuring long-term fiscal stability. The President also reaffirmed the Administration’s commitment to addressing the country’s financial obligations responsibly.
During the press briefing, the President urged individuals who previously held senior state positions to refrain from spreading misinformation that could create public concern and negatively affect the national economy.
The President also noted that the Government is currently exploring measures to support the tourism sector in mitigating the impact of ongoing international conflicts. He stated that the Special Cabinet Committee established to monitor developments in the Middle East and their impact is continuing consultations with relevant stakeholders on the matter.