The Sovereign Development Fund (SDF) has received MVR 886.7 million so far this year, surpassing the earlier estimate of MVR 871.4 million.
According to the Ministry of Finance, MVR 738 million was deposited in the SDF over the same period last year.
The SDF was established in 2017 with the objective of providing a financial cushion to facilitate the repayment of unforeseen state loans or debts and to negate any possible economic volatility when making significant repayments on development loans.
The Sovereign Fund deposits come from airport development fees and cross-subsidy proceeds.
With the most recent amendment to the State Finance Act this year, the president has the authority to decide from which sources to draw money from for the SDF and how to deploy funds, on the advice of the Minister of Finance, while the fund will be managed by the Ministry of Finance.
The SDF was previously managed by the nation’s central bank, the Maldives Monetary Authority (MMA).