The Abu Dhabi Fund for Development has agreed to roll over a $100 million bond issued by the Maldives that is set to mature in April this year, President Mohamed Muizzu said Thursday.
Speaking during the presidential address at the opening of Parliament’s annual session, Muizzu said the fund had agreed to extend the repayment period of the bond by five years.
The bond, which was due on 26 April this year, will now be repaid in 2031.
Muizzu said the $100 million bond was taken out on 26 April 2018 under the previous administration. He said the rollover followed internal discussions, including agreement on the terms for signing the extension.
With the rollover, Maldives’ debt obligations due in April will fall by $100 million from about $600 million.
The president said the government will still need to repay the $500 million principal on the sukuk due in April, along with the final coupon payment.
He said $150 million of the sukuk will be paid from the Sovereign Development Fund, while the remaining amount will be refinanced.