Gov’t to Prioritize US Dollar Reserves for Economic Stability

President Dr Mohamed Muizzu has announced that the Maldives’ Sovereign Development Fund (SDF) is on track to reach a target of USD 100 million by the end of 2024. The President made the statement during a visit to Raa Alifushi on Saturday.

President Muizzu highlighted that USD 30 million has already been deposited into the fund with a focus on accumulating reserves in US dollars. This shift in currency aligns with the administration’s ‘Haftha 14’ initiatives, implemented within the first 100 days of the current government.

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The Ministry of Finance confirmed that ongoing deposits into the SDF are now made in US dollars. President Muizzu highlighted the importance of economic development alongside addressing the country’s foreign debt obligations due in 2026.

President Muizzu reaffirmed his commitment to fulfilling campaign promises, emphasizing his dedication to uplift the people of the Maldives. He specifically noted the ongoing airport project on Alifushi, assuring its swift completion. The project includes land reclamation for future industrial development.

Additionally, the President pledged to modernize the Alifushi Hospital. “I will take forward all the projects and complete them. Everything due for commencement this year will begin within the year. We have begun work to strengthen the economy, and we will go forward with those efforts,” he said.

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