Sovereign Development Fund reaches MVR 570 mill.

Finance Ministry has revealed that MVR 570 million was deposited into the Sovereign Development Fund (SFD) until end of last week.

The Weekly Fiscal Development statistics released by Finance Ministry show while it has been decided that MVR 705.6 million will be deposited into SFD this year, MVR 570 million from the amount has been already deposited.

The Sovereign Fund was established as a back-up fund for economical contingencies the country may face, and other emergency situations. It has been reported that the government is in the works of drafting a bill on the fund, and has already sent the draft for the central bank's opinion.

The Sovereign Development Fund was established in 2017 by former president Abdulla Yameen Abdul Gayyoom. The MVR 705.6 million is being transferred to the account this year from the revenue generated as Airport Development Fees and other services offered at Velanaa international Airport.