More than MVR 1 bn received to sovereign fund

Bridge Open Day, held under the Chinese Silk Route promotions. (Photo/Sun/Fayaz Moosa)

Money received to the sovereign development fund, opened to help pay the loans taken by the government have risen above MVR one billion.

Weekly statistics of income and costs published by the Finance Ministry shows that the money received to the sovereign fund has reached MVR 1.13 billion.

The fund had MVR 667.8 million at the start of the year 2019. This is a 69 percent increase in the amount of money. It is an increase of MVR 554.8 million.

Up to this day of the year, MVR 464.8 has been deposited to the sovereign fund.

The sovereign fund is under Maldives Monitory Authority and receives the money from Airport Development Fee (ADF) and the dividend of Maldives Airports Company Limited (MACL).

The government anticipated the fund to receive MVR 1.1 billion by the end of this year. However, the fund is expected to receive an amount higher than this by the end of 2019.

MVR 266.9 million was deposited to the fund from the Airport development fees. Additionally, the government received MVR 561.6 million as dividend of MACL in 2017.

Loans to be paid by the fund include loans taken for the development of the airport and construction of the Sinamale bridge.

Moreover, the government has appealed the Parliament to make a law for the fund with all the related rules and regulations.