SDF deposits increase by MVR 1 billion

According to the government’s latest financial figures, the amount deposited into the Sovereign Development Fund (SDF) has increased by approximately MVR 1 billion compared to the previous year.

The latest "Weekly Fiscal Developments Report" from the Ministry of Finance indicates that the total amount deposited into the SDF as of November 27th has reached MVR 2.4 billion.

This represents an increase of MVR 1.1 billion, or 84.9 percent, compared to the MVR 1.3 billion deposited during the same period last year. The SDF was established to strengthen the country's foreign currency liquidity and to manage debt repayment.

The increase in SDF deposits is attributed to improvements in the state's overall revenue during the period.

Total Revenue and Grants:

Total Expenditure was lower compared to the same period last year. The combined total of recurrent and capital expenditure decreased from MVR 42 billion to MVR 36.4 billion. The Budget Deficit has significantly narrowed compared to last year. The overall budget balance improved from a deficit of MVR 10.2 billion in the previous year to a deficit of MVR 1.4 billion.

Additionally, the Primary Balance (excluding debt-related payments) shifted from a deficit of MVR 5.9 billion to a surplus of MVR 2.8 billion during the reporting period.