President Mohamed Muizzu announced today (February 5) that an agreement has been reached to rollover the USD 100 million bond due to the Abu Dhabi Fund for Development in the second quarter of this year.

In his third presidential address delivered at the opening session of the People's Majlis this morning, Muizzu said the government had agreed to extend the repayment period of the bond by five years. The loan, previously due on April 26, will have to be repaid in 2031.

With this rollover, the debt due in April will be reduced by USD 100 million. Now, the government has to repay the principal of the USD 500 million sukuk and the last coupon payment.

In the presidential address, Muizzu also revealed some details of the government's plan to pay the sukuk. He said USD 150 million of the USD 500 million would be paid from the Sovereign Development Fund (SDF) and the rest would be refinanced.