President Dr. Mohamed Muizzu reveal that the government is committing USD 162.09 million to debt servicing this year, with USD 100 million strategically allocated for settling past loans as part of broader fiscal reforms.
At a press conference held at the President's Office, President Muizzu outlined his administration's fiscal policies, underscoring efforts to manage debt and strengthen national funds.
Turning to the Sovereign Development Fund (SDF)—a reserve established to safeguard national wealth—President Muizzu noted that its balance had grown significantly. When his administration took office, he said, the fund stood at USD 2 million. As of Wednesday, that figure had risen to USD 121 million, he stated.
President Muizzu underscored that this accumulation occurred alongside foreign debt repayments and ongoing state expenditures. "USD 121 million has been deposited into the SDF by the end of 30 April," he stated, adding that the fund's growth has continued despite expenditures.
The fund's history has also drawn scrutiny. According to government officials, when the former administration took office in 2018, the SDF held more than USD 500 million. However, the current government asserts that by the end of the previous administration's tenure, nearly all foreign currency within the fund had been exchanged or utilised. President Muizzu also indicated that present government expenditures are being managed strategically.