Minister of Finance Dr. Mohamed Shafeeq has announced that the Sovereign Development Fund has seen a significant increase in its funds, rising from USD2 million to USD50 million over the past six months. These statements were delivered by the minister during a press briefing.
Addressing the media, Minister Dr. Shafeeq underscored the precarious state of the nation's economy and financial standing upon President Dr. Mohamed Muizzu's assumption of office. Consequently, the minister underscored the advancements in financial stability and economic prosperity since the current administration's inception. He reiterated the government's overarching objective of achieving a fund balance of USD100 million by the conclusion of the fiscal year.
The administration disclosed that when the previous government commenced its tenure in 2018, the fund had over USD500 million. However, by the conclusion of the government's tenure, nearly all funds in the account had been converted to Maldivian currency.