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USD181 million in Sovereign Development Fund: Finance Minister

Aman Sameer
08 October 2019, MVT 15:58
Finance Minister Ahmed Ameer addressing parliament. PHOTO: MOHAMED YAAMEEN/ MIHAARU.
Aman Sameer
08 October 2019, MVT 15:58

Minister of Finance Ibrahim Ameer revealed in parliament Tuesday that the Sovereign Development Fund (SDF) has till date accumulated over USD 181 million.

SDF was first initiated to help repay loans taken out by the government. Minister Ameer was questioned at the parliament today by the opposition MP for Maavah Constituency, Mohamed Saeed.

Minister Ameer mentioned that the SDF contained roughly USD 96.7 million by the end of the last administration and has since increased to USD 181 million during his tenure.

Further, he mentioned that a bill regarding SDF is being drafted by the ministry in collaboration with Maldives Monetary Authority (MMA), which will soon be submitted to the parliament.

Ameer also highlighted the line of credit facility worth USD 800 million granted by the Indian government as part of their aid package. The credit facility has an interest rate of 1.5 percent and is being utilized to finance major projects of the public sector.

The Indian aid package includes a grant aid worth USD 200 million and a currency swap scheme of USD 400 million between MMA and the Reserve Bank of India.

Sovereign Development Fund was initiated by the previous administration in 2017 to help manage foreign loans and to act as a reserve fund for the state.

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