Maldives hunts for bailout to avoid first Islamic sovereign debt default

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Financial Times 11h ago

Maldives hunts for bailout to avoid first Islamic sovereign debt default - Financial Times

Quick Summary:

The Maldivian sukuk uses a Cayman Islands-based vehicle, and the government has referred in the past to using the country’s largest hospital, which was built for $140mn, as an underlying asset.

The price of a $500mn bond-like sukuk issued by the government has collapsed to about 70 cents on the dollar over the past month ahead of a payment due in October, as its foreign reserves run low.

A spokesperson for the Maldivian president’s office told the Financial Times that the country was working to increase its foreign currency reserves “including exploring green bonds and potential currency swap agreements”.