Minister of Finance Ibrahim Ameer has said that the government had sold a sukuk bond to repay the ‘Sunny Side’ bond issued under previous administration.
President Yameen’s administration issued a sovereign bond worth USD 200 million in 2017 with a repayment period of five years.
During the Parliament Special Committee meeting, Minister Ameer stated the government has received sukuk sales worth USD 191 million and that it will be used to repay the USD 250 million in euro-dollar bonds due next year.
Minister Ameer said the euro-dollar bond had been causing disruption to state’s liquidity management plans. He added that they had sought the best rate from the sukuk issue program.