Econ Minister: Sovereign fund has grown to USD 35m

Economic Minister Mohamed Saeed. (Photo/STO)

The Maldives’ sovereign development fund (SDF) has now grown to USD 35 million, according to Economic Minister Mohamed Saeed.

Saeed, who is accompanying President Dr. Mohamed Muizzu on his current tour of L. Atoll, made the remark during a rally in Maavah on Thursday.

The SDF is a state-owned investment fund comprised of money generated by the government which is used to repay foreign debt. The incumbent administration claims that the SDF had dropped to USD 2 million by the end of former president Ibrahim Mohamed Solih’s administration.

Addressing Thursday’s rally, Saeed alleged that the MDP administration attempted to leave the country heavily in debt.

Saeed said that the PNC-PPM administration is working on fixing the issues, including replenishing the SDF.

He said the SDF has now grown to USD 35 million.

He also said that if the ruling coalition secures a majority in the parliamentary elections on April 21, the administration will lower the USD exchange rate to the official rate within minimum two years.

“Our administration is not one that will be one-sided. Our line is clear,” he said.

Saeed said that the first four months of the administration had been fraught with challenges due to the poor state of affairs left by the former administration.

He said that President Muizzu saved the Maldives from MDP’s attempts to “bankrupt the country.”

Saeed, who had served as the parliamentary representative for Maavah before he resigned to assume his current post in President Muizzu’s administration, said that the people of Maavah, especially the youth, are in desperate need for more job opportunities. He said that the commencement of resort projects in the region will alleviate the need.