President Dr Mohamed Muizzu has stated that the ongoing conflict in the Middle East has not impacted the Maldives’ foreign currency reserves, assuring that upcoming Sukuk repayments will be made as scheduled.

Speaking at a press briefing today, the President said the Government is closely monitoring the situation and taking steps to address potential challenges arising from the conflict. He noted that preparations are underway to minimise economic impacts on the country.

The President said efforts have been made to ensure continued availability of fuel, with additional oil shipments already secured and further consignments expected next month. He added that the Government is working to maintain adequate fuel stocks while mitigating potential increases in global oil prices, including through collaboration with private sector operators.

Providing an update on reserves, the President said the country’s total foreign reserves stood above USD 1.2 billion as of 18 March, with usable reserves exceeding USD 300 million. He confirmed that the Sukuk payment due this year will be settled by 8 April, using funds from usable reserves and the Sovereign Development Fund.

The President reiterated that the Government remains focused on maintaining economic stability and ensuring that external developments do not adversely affect the country’s financial position.