President Ibrahim Mohamed Solih has said he aims to increase the Maldives' Sovereign Fund to $400 million by 2026.
Speaking at the presidential debate hosted by Sangu TV and PSM on Saturday night, President Solih said if he is re-elected for a second term, his goal is to increase the Sovereign Development Fund to between $350 million and $400 million by 2026. With the fund already containing MVR 6 billion, President Solih expressed confidence in achieving this vision as state revenue continues to rise.
"When I came to power, the state received MVR 22 billion. This year, it will receive MVR 34 billion. By 2026, MVR 46 billion will enter the state," he said, highlighting the significant growth in state revenue during his term.
Regarding outstanding loans, the president said the "direct loan" due in 2026 is $800 million. This includes $100 million from the ADFD, for which negotiations have taken place to delay the repayments. He said the talks have created room for flexibility in managing the payments.
The President said the repayment of the $500 million Sukuk taken during the COVID-19 pandemic, out of which $250 million was utilized to repay the Sunny Side bond inherited from the previous government, is pending.
“The remaining funds were spent on various affairs of the state,” he said.
The President said even with the promises he is making, there will be no difficulty in repaying the loans due on specific dates.
Asked if he would introduce a new tax in a second term, the President said he had no such intention. However, he emphasized his commitment to further improve the tax system.
