Sovereign Development Fund (SDF) collected MVR 58 Million. This fund was created to ease the payments of loans issued to the Maldivian government.
Weekly financial review report published by the Finance Ministry states that SDF has collected MVR 58 million till the 11th of March 2021. However, this is almost MVR 100 million less than the same period last year.
Due to the effects of COVID-19 pandemic and the economic struggles that came along with it, Maldives experienced a halt to its revenue when the border was closed in March last year. However, the economy has seen progress since the reopening last year.
According to the Finance Ministry, the fund currently has a balance of MVR 631.1 million.
SDF is a fund that assists the country in times of emergency. This fund also helps to pay back the loans taken for the countries’ development projects. It was founded in 2017 and operates through the finance generated by the changing of prices in the services provided by the VIA.