Over MVR 5 bln in Sovereign Development Fund

Finance Ministry has revealed that the size of the Sovereign Development Fund (SDF) has reached over MVR 5.2 billion.

The Sovereign Development Fund was established in 2017 by former president Abdulla Yameen Abdul Gayyoom as a backup fund for economic contingencies the country may face and other emergencies.

According to statistics released by the Finance Ministry, the most recent deposit to the fund was MVR 149.9 million, increasing the total size of the fund to MVR 5.2 billion. The latest deposit is significantly higher than the MVR 103.2 million deposited during the same period last year.

As per the statistics, the current SDF Bank Balance is MVR two billion.

The additional revenue generated from the services provided from the Velanata International Airport after revision to its costs is added to the Sovereign Development Fund. However, the Governor of the central bank, Maldives Monetary Authority (MMA), Ali Hashim, has expressed concern that funds are not added to SDF in the required manner.