Sovereign Development Fund Amount Surpasses MVR 5 Billion

The amount in the Sovereign Development Fund (SDF) has surpassed MVR 5 billion.

The Sovereign Fund was established in 2017 to utilize if the government faces difficulty in repaying loans taken for major development projects or in cases of economic crisis. Funds are deposited into the SDF from the income earned by providing various services at Velana International Airport.

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Statistics released by the Finance Ministry show that the SDF currently has MVR 5.2 billion. MVR 149.9 million was last deposited into the fund. The fund has a bank balance of MVR 2 billion.

The statistics also show that MVR 612 million was paid for loans by the end of last month. This is an increase of MVR 315 million compared to the same period last year. MVR 297 million was paid for loans by the end of March 2021.

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