World Bank warned four years ago that payments would be unsustainable by 2026
The Maldives is said to have held talks with Cargill Financial Services International to borrow about $300 million to settle a $500 million Sukuk maturing in April. (Photo by Yuji Kuronuma)
MALE — Maldivian President Mohammed Muizzu is trying to reassure his South Asian nation that it has sufficient foreign reserves to settle a $500 million Sukuk bond, a challenging one-off payment due early April in a country already strapped for dollars and bracing for more pressure on its foreign reserves due to the U.S.-Israeli war on Iran.