Spokesperson of National Emergency Operation Centre (NEOC) Mohamed Mabrook Azeez has stated the Sovereign Development Fund (SDF) of Maldives currently has USD 272 million.
Briefing the press on the activity of the sovereign fund, Mabrook said the fund mainly collects money through the Airport Development Fee (ADF) collected from passengers who use Velana International Airport (VIA). The spokesperson revealed the fund currently has USD 272 million.
Noting the fund can only be utilised after obtaining approval from a board consisting of officials from Ministry of Finance and Maldives Monetary Authority (MMA), Mabrook said the administration is in efforts to draft and submit a bill to the Parliament of Maldives to introduce a new system to utilise the fund. He added Ministry of Finance provides weekly updates of the fund, with details of the amounts collected.
Sovereign Development Fund was established to ease the burden of repaying loans taken by the state to invest for development projects in the country.