President Dr. Mohamed Muizzu has disclosed that the Sovereign Development Fund has increased to USD 65 million, since he took to office. The fund stood at USD two million when he took office.
Speaking at the official function held to mark the 59th Independence Day of the Maldives, President Muizzu noted that the money deposited to the Sovereign Fund is money saved to pay off foreign loans of the country. He added that the aim is to raise the fund to USD 100 million by year end.
The government has previously said that when the last government took office in 2018, the sovereign fund had more than USD 500 million. However, by the end of the then government's tenure, the fund was close to empty.
The administration has submitted the Sovereign Development Fund Act to the Parliament to give legal authority to the fund. The act's objectives include establishing an accounting and reporting framework for the Sovereign Development Fund and defining its use through legislation. The bill has been referred to the Parliamentary Committee on Public Accounts for further consideration.