President Dr. Mohamed Muizzu has condemned the Parliament's failure to pass the Sovereign Development Fund (SDF) bill, attributing it to opposition within the legislative body and warning of potential consequences for citizens.
Speaking at a campaign event for the ruling coalition candidate contesting the Thulusdhoo Constituency in the upcoming parliamentary election, President Dr. Muizzu addressed the rejection of the SDF bill proposed by Parliamentarian Ibrahim Naseem on March 26. He emphasised the bill's significance in maintaining economic stability, citing the conversion of SDF USD into MVR by the previous administration.
Expressing disappointment over the Parliament's failure to pass the bill, President Dr. Muizzu cautioned against electing officials who oppose government policies, highlighting the potential adverse effects on citizens.
Furthermore, President Dr. Muizzu revealed that under his tenure, the SDF fund's assets increased from USD 2 million to USD 30 million within four months, with a target of reaching USD 100 million by year-end.
Established in 2017 to alleviate government debt, the SDF funds were initially allocated for COVID-19 pandemic relief by the prior administration. The proposed bill aimed to establish a committee and office to oversee fund management and administration, limiting its usage to specific circumstances.