President Dr Mohamed Muizzu has said the Maldives’ fiscal strength is evident in the Government’s repayment of USD 524.68 million (approximately MVR 8 billion) in Sukuk issued during the administration of former President Ibrahim Mohamed Solih.

He made the remarks while addressing the People’s National Congress (PNC) final campaign 'Rayyithunge Bodu Hingaalun' rally at Rasfannu on Friday evening, ahead of the upcoming election.

President Dr Muizzu said the true state of the economy at the time his Administration took office is now becoming clear to the public, noting that the country had been in a fragile financial position.

He stated that the Government has reached its current position without printing additional money, despite inheriting significant economic challenges. He criticised the USD 500 million Sukuk bond taken during the previous administration, claiming it had been secured without a clear repayment plan.

He added that the Sukuk was repaid without cutting public services, printing money, or reducing state reserves, which he said remain at record levels.

The move has also drawn praise from opposition figures. Former President Mohamed Nasheed welcomed the repayment, noting that the USD 500 million Sukuk had been settled without incurring additional debt.

Reiterating that the Government’s policies are guided by national interest, President Dr Muizzu urged the public to support the PNC in the upcoming election.