President Takes Sovereign Development Fund From $2 Million to $30 Million

The Sovereign Development Fund has increased from US$2 million to US$30 million under the administration of President Dr. Mohamed Muizzu, Economic Minister Saeed said.

The President and a delegation of cabinet ministers are currently on a visit to the four northernmost atolls. Speaking at a meeting with the people of H.A. Kelaa, Minister Saeed said the Sovereign Development Fund, which was established to repay loans taken by the state, had a balance of US$2 million and 2.4 million MVR when President Muizzu took office on November 17th last year.

In the first 100 days since President Dr Muizzu took office, the Minister said that US $30 million has been deposited in the Sovereign Development Fund.

The Minister said the President Dr. Muizzu's economic policies are accepted by the world. The country's economy will move forward with responsible economic reforms, he said.

The minister added that the Hanimaadhoo International Airport had already begun to be developed with a $138 million loan, but the airport would be only become feasible if resorts were developed in the area. President Dr. Muizzu's government has won the trust of foreign financial institutions and will seek private investments to develop the necessary resorts, and beds, in the region, he said.