The Ministry of Foreign Affairs revealed that a total of MVR 2.6 billion had accumulated in the Sovereign Development Fund over the course of three years.
Created in 2017, the fund is intended to act as an economic buffer in times of crisis and aid repayment of major foreign loans taken for development purposes. The Sovereign Development Fund is financed through the Airport Development Fee (ADF).
According to ministry statistics, MVR 1.3 billion was deposited in the Sovereign Development Fund in 2019 while a figure of MVR 1.2 billion was deposited in 2018.
The incumbent administration commenced efforts to draft a law to protect the sovereign fund in collaboration with Maldives Monetary Authority (MMA) early last year.
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