President Ibrahim Mohamed Solih has revealed the government plans to sell over USD 300 million worth of Sukuk bonds, as part of efforts to reduce budget deficit and debt.
Speaking at a press conference held at the President’s Office, the president said the next 6 months would be very challenging for all business sectors. Highlighting the importance of restarting economic activities, the president revealed efforts are underway to sell Sukuk bonds worth over USD 300 million to cover government expenses for the next 6 months.
The president further revealed loans worth USD 120 million have been provided to the Maldives by foreign countries and organisations amid the COVID-19 pandemic. He noted the government is working to acquire further assistance, adding a loan of USD 50 million has been arranged by Saudi Arabia.