Additional bonds to be sold by the end of 2021: Minister Ameer

Finance Minister Ibrahim Ameer | Photo: Corporate Maldives

Male’, Maldives – Finance Minister of Maldives, Ibrahim Ameer stated that they will be selling additional bonds by the end of this year.

Speaking at an interview with local media outlet “Mihaaru,” Minister Ameer stated that under the program to sell USD 1 billion worth of bonds, the government will also receive an opportunity to issue bonds next year as well.

We have the opportunity to enter the market next year as well. We will enter the market this year, an amount will be decided after discussing.

Finance Minister of Maldives, Ibrahim Ameer

While the government earned a total of USD 300 million after selling bonds this April, using Dharumavantha Hospital as an asset, they are required to pay back the amount with interests, approximately USD 387 million after five years. Out of this, USD 191 million was spent on paying back the state’s debts.

Although Dharumavantha Hospital property was used as a mortgaging method to issue bonds from the government, this is not done under the conventional guidelines. If the amount cannot be paid back, then as per the usual mortgaging guidelines, the property will not be sold to obtain money.