Minister of Economic Development and Trade Mohamed Saeed has revealed that within the first three months of the current administration, USD30 million has been successfully deposited into the Sovereign Development Fund (SDF). He made the announcement while speaking at a gathering with the residents of Kelaa, Haa Alifu Atoll.
Speaking at the gathering, Minister Saeed reflected on the economic condition of the Maldives when the current administration assumed power, noting a decline in the Maldivian Rufiyaa due to excessive money printing under the previous government. He, however, highlighted the proactive measures taken by President Dr. Mohamed Muizzu's administration to cease money printing, a move endorsed by global financial institutions.
Additionally, Minister Saeed underscored the remarkable growth of the SDF, stating that it had USD2 million upon President Dr. Muizzu assuming office, but now boasts USD30 million in deposits. He also said that it is a testament to effective economic policies.
Furthermore, Minister Saeed outlined President Dr. Muizzu's ambitious development plans for Kelaa, including the establishment of a resort in the lagoon and the initiation of an agricultural project, which will be executed in collaboration with the local community. He emphasised the government's commitment to supporting the private sector through bolstered economic initiatives, backed by the confidence of international financial institutions, with benefits anticipated in the future.