President’s Office Spokesperson Miuvan Mohamed assures Sovereign Development Fund (SDF) balance will reflect budgetary projections by 2022 end.
PO’s spokesperson made the confirmation while addressing journalists at a press briefing held on Thursday, September 22. Miuvaan had denied rumors of SDF bank balance exhaustion, commenting on the fluctuating nature of the fund. He had further addressed rumors of fund’s complete exhaustion, denying any deductions from the balance.
Miuvaan notes the fund is utilized for various state expenses.
Maldives government initiated SDF to counter state-debts for large infrastructural projects funded through foreign financial institutes. The long-term use fund will be used to repay for such projects, by eliminating the necessity for financial loans.
Moreover, transfers to the SDF just last week stood at MVR563.9 million. The current SDF fund size is at MVR4.96 billion, while the fund’s bank balance is MVR1.6 billion.