Over MVR 768 million has been deposited into the Sovereign Development Fund (SDF) thus far this year.
Statistics show MVR 768.2 million has been deposited into the account so far this year.
According to the Finance Ministry, the fund is currently sized at MVR 5.3 billion. As of the 8th of this month, the fund had a bank balance of MVR 289.6 million.
The SDF was created as a contingency plan providing the ability to repay loans in case of emergency. The fund was established in 2017 to mitigate the losses caused by an economic crisis. Funds are deposited into the SDF from the income earned by providing services at Velana International Airport (VIA).
The budget for this year estimated that MVR 769.2 million would be deposited into the account by the end of this year. At a press conference at the President's Office in August this year, Presidential Spokesperson Miuwan Mohamed said the sovereign fund would reach the estimated amount by the end of the year.
