Finance Minister Reveals USD 50 Million SDF Deposit, Sets Year-End Goal

The Minister of Finance, Dr Mohamed Shafeeq, announced that USD 50 million has been deposited in the Sovereign Development Fund (SDF) this year, with a goal of reaching USD 100 million by year-end.

Speaking at a press conference on Thursday, Dr Shafeeq noted that when the current administration assumed office, the SDF held just USD 2 million. Over the past six months, this amount has increased to USD 50 million.

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At the beginning of the year, the SDF’s total assets amounted to USD 480 million (MVR 7.4 billion). Of this, approximately USD 370 million (MVR 5.7 billion) was invested in T-bills, while USD 110 million (MVR 1.7 billion) was allocated to other investments.

According to the State Budget, USD 250 million (MVR 3.8 billion) from the SDF will be used for debt repayment in 2025 and 2026.

Dr Shafeeq emphasised that the expansion of the SDF would be pursued under favourable terms, assuring that the government would avoid high-interest loans. He highlighted the administration’s priority to reduce costs, particularly focusing on state-owned enterprises (SOEs).

To this end, the financial statements of over 25 SOEs are being regularly reviewed, and measures are being taken to reduce subsidies provided to these companies.