Maldives records drop in SD fund deposits
The first bill introduced by the government was the Sovereign Fund Bill but it was dropped.
By
Ahmed Naif
The amount deposited in the Sovereign Development Fund (SDF), set up to facilitate repayment of loans taken, has come down by MVR 3.4 million as compared to the same period last year, according to Finance Ministry data.
The latest expenditure and income data released by the Ministry of Finance shows that the SDF had deposited MVR 233.2 million as of 21st of last month. However:
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MVR 236.6 million during the same period last year
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This is a decrease of MVR 3.4 million
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The sovereign fund is expected to raise a billion in MVR this year
Speaking during the Parliamentary campaign rally, President Mohammed Muizzu said that the Sovereign Fund had USD 2 million at the end of the last government. However, he said his government has already deposited USD 35 million into the fund and will deposit USD 100 million by the end of this year.
The first bill introduced by the government was the Sovereign Fund Bill but it was rejected by the opposition controlled parliament.
A Sovereign Development Fund was established in 2017 by the government of President Abdullah Yameen to repay loans taken by Maldives. Thus:
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The fund started with MVR 1.1 billion
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The fund now receives airport development fees
