President Dr Mohamed Muizzu has announced that USD 121 million has been deposited to the Sovereign Development Fund (SDF).
Speaking at a press conference held at the President’s Office on Saturday, the President said when the current government came to power, the SDF had USD 2 million and MVR 2.4 million.
The President said as of 30 April 30, USD 121 million has been deposited in the SDF, with some of this amount is being invested in T-bills for fixed deposits.
The SDF was established in 2017 to mitigate economic shocks and support the repayment of large development loans. Funded by the airport development fee and increased service fees at Velana International Airport, the SDF provides a financial safety net for the country.
