Sovereign fund deposits see 11% year-over-year hike
This year's budget has estimated MVR 871.4 million to be deposited in the fund.
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Deposits in the Sovereign Development Fund (SDF), set up by the previous government as a debt service fund, has increased this year as compared to the previous year, according to finance ministry data.
According to the latest data released by the finance ministry, MVR 552.3 million has been deposited in the fund till August 10, which is an increase of MVR 58.5 million or 11.8% over the same period last year.
This year's budget has estimated MVR 871.4 million to be deposited in the fund. The current deposits are 63.3% of the estimated figure.
Revenue collected as airport development fee from passengers at Velana International Airport (VIA) is deposited in the SDF.
Highlights of SDF:
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At the end of last year, the SDF had MVR 2 billion as available balance
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The fund's total reached over $5 billion at the end of last year inclusive of the amount invested
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From December 30, 2021, the dollar in the fund has been converted into Maldivian Rufiyaa
