The deposits made into the Sovereign Development Fund has declined by 93 percent.
Sovereign Development Fund was formed in the year 2017 as a back-up fund for economic recessions the country may face due to loan repayments and other emergency situations. It is funded from the additional profit made by increasing service charges at the country's main airport, Velana International Airport (VIA).
Statistics released by the Finance Ministry show MVR 13 million was deposited into the Sovereign Development Fund during June. However, MVR 176 million was deposited into the fund during the same period last year. While MVR 246 million has been deposited into the fund between January and June this year, the government expected to deposit MVR 756 million during the current year.
The Sovereign Development Fund contained US$ 181 million by August last year.
