SDF deposits exceed estimated figure

Funds deposited into the Sovereign Development Fund (SDF) has exceeded the estimated figure.

Sovereign Development Fund was formed in the year 2017 as a back-up fund for economic recessions the country may face due to loan repayment,s and other emergency situations and is funded from the additional profit made by increasing service charges at the country's main airport, Velana International Airport (VIA).

According to weekly statistics published by the Finance Ministry, MVR 705.6 million was estimated to be deposited into the SDF this year. However, MVR 1.2 billion has been deposited into the fund thus far this year, said the report.

The government earlier estimated that MVR 500 million will be deposited into the SDF by 2020.