President Dr Mohamed Muizzu has stated that the Government repaid USD 524.68 million (MVR 8 billion) in Sukuk issued under former President Ibrahim Mohamed Solih without selling State assets or taking on additional loans.

The President made these remarks while speaking at a gathering held in Alifu Alifu Rasdhoo on Saturday night. The event was organised to celebrate the victories achieved in Alifu Alifu Ukulhas, Thoddoo and Rasdhoo during the recently concluded elections.

President Dr Muizzu said that the USD 500 million debt taken during the previous administration had been secured without any clear repayment plan. He noted that settling the USD 524 million Sukuk was given top priority by his Administration.

He further stated that the large loan was repaid through the country’s own economic strength, without selling state assets or taking on further debt.

“We did this through the strength of our own economy. We did not take on additional debt. This significant burden placed on the people, a debt exceeding USD 500 million, was prioritised for repayment. We have completed this through our own capacity, without selling any state assets or placing further financial burden on the people,” the President said.

President Dr Muizzu also noted that repaying the sukuk had safeguarded key national assets. He said that under previous administrations, loans had been secured by mortgaging important state properties.

These included Dharumavantha Hospital, several school buildings in Malé, and buildings housing key state institutions. A total of 11 schools in Malé had been mortgaged. He said these assets could have been taken over by creditors if the debt had not been repaid.