Minister of Finance Ibrahim Ameer has said efforts are underway to draft a bill as part of the efforts to secure the Sovereign Development Fund (SDF), established by the previous administration in 2017.
SDF is a government fund to be utilised in emergency situations, to repay loans taken by the state for developmental projects and to recover from economic downturns. SDF is a completely separate fund from the reserve of Maldives Monetary Authority (MMA).
The government deposits funds to SDF from the Airport Development Fee (ADF). The fee is taken from all passengers using Velana International Airport (VIA) at a rate of USD 12 per Maldivian and USD 25 per foreigner.
Speaking on a programme aired on PSM News, the finance minister said drafting a bill is underway in corporation with MMA.
While efforts are underway to draft a bill, addressing the budget committee, Governor of MMA Ahmed Naseer spoke on the importance of a legal framework on SDF. At the parliament, the governor revealed SDF has finances of over USD 100 million.
Currently, the funds are deposited to a custodian account in MMA.