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SDF expected to have over $500 mln by end of 2025

The Sovereign Development Fund (SDF) is expected to have the local currency equivalent of $500 million by the end of 2025.

The Finance Ministry's proposed budget for next year estimates that the SDF will have more than $500 million by the end of 2025. The SDF is expected to receive MVR 871.4 million next year and MVR 944.8 million in 2024. The government expects MVR 1 billion to be added to the fund in 2025.

According to the Finance Ministry's figures, the SDF had MVR 5 billion as of October 20. So far this year, the fund has received MVR 653.5 million. The budget estimates that MVR 781.7 million will be deposited in the fund this year. At a press conference at the President's Office last month, Presidential Spokesperson Miuwan Mohamed assured that the sovereign fund would have the estimated amount by the end of the year.

The Sovereign Fund was established in 2017 as a backup plan to provide the ability to repay loans in case of crisis. Funds are deposited into the SDF from the income earned by providing services at Velana International Airport (VIA).