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USD 100 million estimated to be deposited in Sovereign Development Fund by year end: President

Mariyath Mohamed
03 March 2024, MVT 06:49
The President being welcomed in Raa atoll Alifushi.
Mariyath Mohamed
03 March 2024, MVT 06:49

President Dr Mohamed Muizzu has announced on Saturday that USD 100 million can be deposited in the Sovereign Development Fund (SDF) by the end of the year.

Speaking to residents of Raa Alifushi yesterday, the President said that special priority is being given to build up this this fund, with USD 30 million having been deposited in it to date.

He noted that in addition to the foreign debts the country is expected to pay back in 2026, economic advancement is key at this stage. As per December last year, the President revealed that most of the deposits in the fund had been in local currency, which had been transferred to USD within this administration's 'Haftha 14' initiatives for the first 100 days in administration.

Ministry of Finance, too, has also previously announced that deposits to the SDF are now made in dollars.

Will complete projects to broaden economy: President

The President asserted that he would continue to ensure that all pledges he made to the people are fulfilled. He said that it is a great honour to raise the people from the state of hopelessness they were in to a place filled with hope and aspirations.

He pointed out that the greatest wish of the people of Alifushi is to see the completion of the island's airport, and pledged to proceed this project speedily and soon reach completion. Additionally, further land will be reclaimed along with the airport project, where an industrial area will be set up.

He also promised to fulfill his pledge to modernize the Alifushi Hospital to today's standards.

"I will take forward all the projects and complete them. Everything due for commencement this year will begin within the year. We have begun work to strengthen the economy, and we will go forward with those efforts," he said.

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