The Maldives Monetary Authority (MMA) has initiated discussions about acquiring a land plot in Hulhumale' to generate funds for the government. According to Mihaaru News, the ongoing negotiations, which involve the Finance Ministry, have considered various potential amounts, including MVR 8 billion, MVR 14 billion, and MVR 20 billion. However, the precise figure remains unclear, and it is uncertain whether the MMA board has approved the plan. Major decisions regarding the purchase are expected to be finalized following an upcoming board meeting.

A source familiar with the discussions suggested that the land purchase in Hulhumale' is likely part of the MMA's strategy to raise funds to address the government's debts, particularly given the challenges in securing external finance. Even if the MMA acquires the land through the Housing Development Corporation (HDC), the money raised would ultimately benefit the government, which could be viewed as a form of money creation, the source added.

While the MMA has yet to release any official statements on the matter, the government faces significant upcoming financial obligations. These include a USD 25 million (MVR 386 million) coupon payment for government securities issued in 2021, as well as payments for a T-bond issued through the State Bank of India (SBI). In addition, various foreign parties are also expecting payments this year.

The government has allocated approximately MVR 9 billion for debt repayment in 2025, with more than USD 100 million due in foreign currency. To help meet its financial requirements, the government has also earmarked USD 9.7 billion in foreign budget support.