First Light

His Excellency Dr Mohamed Muizzu, President of the Republic of Maldives, will visit Pakistan from 20 to 22 October 2026 at the invitation of Prime Minister Mohamed Shehbaz Sharif, the President's Office announced on 18 October. The President will meet President Asif Ali Zardari and Prime Minister Sharif. The First Lady, Sajida Mohamed, Cabinet members and senior officials will accompany him.

The President and the Prime Minister will hold official talks, after which several memoranda of understanding on cooperation in various sectors are to be exchanged, the release states. Pakistan's Foreign Office, as reported by Dawn (opens in a new tab), listed commerce, health, education, tourism, agriculture, defence, maritime security and climate action among the areas for discussion, and said a Pakistan–Maldives Business Forum will be held. Neither source gave the number of instruments to be signed.

The visit falls in the 60th year of diplomatic relations, established on 26 July 1966. The President's Office describes it as the first visit to Pakistan by a Maldivian president in ten years; the Foreign Office statement cites 11 years, with the previous state visit made in May 2015.

Finance Minister Hassan Zareer said on 18 October that the government drew USD 350 million from the Sovereign Development Fund to settle the USD 500 million sovereign sukuk issued in 2021, with the remaining USD 175 million taken from official reserves. He spoke at the Ahaa Forum, broadcast by the President's Office and Public Service Media. Atoll Times (opens in a new tab) reported that the funding breakdown had not been made public before, and that repayment was completed on 2 April 2026.

Maldives Independent reported the total repaid, including profit, as USD 524.68 million. The Minister said debt repayments during the current administration have reached about USD 1.42 billion, a figure that includes the sukuk and a USD 400 million currency swap with India. PSM compared this with about USD 415 million repaid from 2013 to 2018 and USD 948 million from 2018 to 2023. Zareer said a record amount had been deposited in the fund by April and that the state's credit rating is improving.

Speaking at the Ahaa Forum on 18 October, Finance Minister Hassan Zareer said the war in the Middle East had affected the Maldives' economy significantly, but that signs of recovery are now appearing. He said the economy began the year strongly and that state revenue rose substantially in the first quarter, The Edition reported. "Although this is a year with challenges, rays of hope have now begun to appear," he said.

Changes in oil prices linked to the war have increased subsidy costs. The 2026 budget allocated MVR 2.9 billion for subsidies, and MVR 4.3 billion has been spent so far. PSM News (opens in a new tab) reported that the government aims to manage spending within the existing budget, without a supplementary budget.

In a separate report (opens in a new tab), The Edition said Zareer listed 1,273 signed projects under way, with MVR 4.8 billion spent of the MVR 8.3 billion allocated to the Public Sector Investment Programme (PSIP) this year. He said harbour works have been delayed by difficulty importing materials such as rock boulders, and that projects are being prioritised.

Housing Minister Dr Abdulla Muththalib said the government's agreement with UAE-based Eagle Hills for the Maldives Marina and Waterfront project in Rasmalé was "signed under the Procedure relating to Private Sector Initiated Proposals". He was answering written questions from Galolhu North MP Mohamed Ibrahim (Kudu), who asked why the project was not opened to competitive bidding before Eagle Hills received a 99-year agreement, The Edition reported on 18 October.

The Minister cited Article 10.22(C) of the State Finance Regulation, which governs private-sector-initiated proposals. He said the main provisions of the signed commercial terms agreement have been made public, and that the investment schedule and the consequences of non-completion will be set out in the main agreement. He also described the expected financial and economic benefits of the project, which is valued at USD 20 billion.

Rasmalé has been a subject of public debate this month. On 16 October, the Home Minister said police will hold full jurisdiction over the development.

The Housing Ministry signed memoranda of understanding on 18 October with Bank of Maldives, Maldives Islamic Bank, Housing Development Finance Corporation and Maldives Housing Finance Leasing to launch "Help to Build" and "Help to Buy" under the National Home Ownership Programme. Housing Minister Dr Abdulla Muththalib said the schemes form part of the government's "housing for all" policy.

Help to Build provides up to MVR 200,000 towards the equity on a home loan for landowners without adequate housing. It covers Malé and inhabited islands, excluding Hulhumalé, Vilimalé, Gulhifalhu and Giraavaru. Joint owners of a family plot in Malé may each receive up to MVR 200,000, to a total of MVR 1 million. The grant is not repayable unless the building is sold within 20 years. Help to Buy provides up to MVR 250,000 to first-time buyers, paid to the developer through the lender.

A World Bank-assisted study under the Maldives Urban Development and Reconstruction Project found that meeting bank equity requirements was the largest barrier to building or buying a home, The Edition reported.

The Maldives Monetary Authority (MMA) fined MS Finance Currency Exchange Private Limited MVR 500,000 and acted against its licence for violating money-changing regulations, The Edition reported on 18 October. The Edition described the measure as a suspension; Adhadhu (opens in a new tab) reported it as a revocation. The MMA described both steps as supervisory measures and did not specify the violation.

Mihaaru understood that the company's transactions exceeded USD 18 million between October 2025 and June 2026, The Edition said. Adhadhu reported that MS Finance is the second exchange to lose its licence in the current enforcement effort, after Express Money Exchange on 20 August. The MMA urged all parties to follow the law on foreign-currency transactions and said it will continue to work with enforcement agencies against violators.

The action follows recent amendments to the Foreign Exchange Act that allow stronger enforcement. Authorities have searched several premises, detained people and seized money in cases involving the sale of US dollars above official rates.