Tuesday 19th Oct 2021
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Sovereign Development Fund

Amount Deposited to Sovereign Development Fund MVR 232 Million Less than Last year

Government deposits to the Sovereign Development Fund so far this year is MVR 232.8 million less than the amount deposited within the same duration last year.
Weekly figures published by the Ministry of Finance show that MVR 233 million has been deposited to the fund by September 2. This is a decrease of MVR 232 million in comparison to the MVR 466 million that was deposited during the same period the previous year.
The Sovereign Development Fund was established in 2017 during former President Yameen Abdul Gayoom’s regime. The main purpose of the fund is to repay loans taken for development projects.
It is obtained via airport development charges and other services of passengers at Velana International Airport (VIA).
The International Monetary Fund’s Country Report revealed that the current government in 2020 converted a majority of the fund to Maldivian Rufiyaa.
Spokesperson at the President’s Office Mabrook Azeez was unable to provide a clear answer when questioned why the deposits to the fund have been decreasing despite the increase in tourist arrivals and added revenue from airport development charges.