The Maldives’ Sovereign Development Fund (SDF) has accumulated USD 59.86 million in the first five and a half months of 2026, representing an 18 percent increase compared to the same period last year, according to the Ministry of Finance and Public Enterprises.
The Ministry announced the figures in its latest Weekly Fiscal Development Report, revealing that the fund received USD 50.32 million during the equivalent period in 2025. This growth in the sovereign fund coincides with a substantial increase in the government's debt repayment obligations, which have surged by 244 percent year-over-year.
The government has expended USD 557.85 million on loan repayments so far this year, compared to USD 162.13 million during the same period last year, the report indicates. Around USD 1 billion in debt obligations has been paid out at various intervals throughout the year, comprising a USD 500 million sukuk issued in 2021 and a USD 400 million currency swap facility established during President Mohamed Muizzu's first visit to India in 2024. Both debt instruments were serviced through the Sovereign Development Fund and official reserves.
The Sovereign Development Fund was established in 2016 as a government-controlled mechanism to repay substantial loans undertaken for emergencies and development projects, as well as to mitigate economic shocks. This fund operates distinctly from the reserves maintained by the Maldives Monetary Authority (MMA), the country's central bank. The SDF generates revenue from three primary sources—airport development fees levied on departures, dividends paid by the Maldives Airports Company Limited (MACL), which operates Velana International Airport, and enhanced fees for certain airport services.