The Maldives will need either significant fiscal reforms or a larger bailout to meet its debt obligations in 2025 and 2026, per Danske Bank. While immediate default risks have eased due to India’s recent USD 50 mln emergency loan, covering a USD 24.6 mln coupon payment due Tuesday, the broader fiscal issues persist. Debt repayment concerns will likely resurface, particularly ahead of the sukuk maturity in April 2026.