MVR 3.2 billion currently in the SDF fund

Maldives Monetary Authority tower | Photo: Maldives Independent

Male’, Maldives – Finance Ministry has revealed that there is currently MVR 3.2 billion in the Sovereign Development Fund (SDF) which was created to pay off the loans taken by the government.

According to the weekly financial report publicised by the Finance Ministry, there is currently MVR 3.2 billion which is about USD 207 million. The report further shows that till the 26th of November, MVR 273 million was collected to the fund which is e huge decrease compared to last year where MVR 1.3 billion was collected during the same time period.

SDF is a fund that assists the country in times if need by compensating for huge losses in the economy due to loans or huge development projects. This fund also hells to pay back the loans taken for the countries development projects. SDF was founded in 2017 and its operated through finance generated by the changing of prices in the services provided by VIA.

It is important to find a way to increase the fumds to SDF. This is important as im the future, the amount to pay back bonds and loans would be the amount in this fund. Especially when bonds worth USD 500 million are to be sold in 2020 and 2021, it is important to find a way to in increasing the funds to SDF.

Ali Hashim

Governor of Maldives Monetary Authority (MMA) Ali Hashim has expressed his concern over the collection of money to the fund. Giving the views of MMA to the parliament regarding their budget for the year, Hashim said that the purpose of the SDF is to pay back the international bonds and loans taken by the government using the money accumulated to the fund.