The Sovereign Development Fund (SDF) has received MVR 627.9 million this year.
The national budget estimates that the fund will reach MVR 769.2 million by the end of this year. According to these figures, an additional MVR 141.3 million has to be deposited to the fund over the next two months to reach the target.
According to the Finance Ministry, the fund is currently at MVR 5 billion. The fund's bank balance is MVR one billion at this time. The total amount in the fund during the same period last year was MVR 3.5 billion. Between January and October last year, the fund received MVR 244.2 million.
The SDF was created as a contingency fund to provide the ability to repay loans in case of emergency. The fund was established in 2017 to cover the losses caused by economic instability.
The Sovereign Fund is funded by the additional revenue generated from the services provided by the Velana International Airport after revision to its costs. At a press conference at the Presidential Office last month, Presidential Spokesperson Miuwan Mohamed said the fund would have the estimated amount by the end of the year.
