Ameer: Govt has used dollars in SDF, just USD 18m left

The government has used up the US dollars in the Sovereign Development Fund (SDF) and there is just USD 18 million left now, says Ibrahim Ameer, the country’s former finance minister.

In July, President Dr. Mohamed Muizzu said his administration had deposited USD 65 million to the SDF.

In a press conference held by the main opposition Maldivian Democratic Party (MDP) on Tuesday morning, Ameer called on the government to disclose the current balance of the SDF.

“But the government has now used the dollars in the SDF. There’s just USD 18 million left in the SDF now,” he said.

Ameer said that the government has spent the money in the SDF to repay debt and manage the government’s cashflow.

He said the government also used the money for payments by the Housing Development Corporation (HDC) and State Trading Organization (STO).

Former Maldivian president Ibrahim Mohamed Solih said that USD 30 million out of USD 32 million in the SDF at the end of his administration were invested in Maldivian banks, and would be taken out when needed.

He also said that the SDF had MVR 1.9 billion at the beginning of his administration, and over MVR 7 billion by the end. He added that the government began making USD deposits to the fund last year.