Minister of Finance Ibrahim Ameer has disclosed the Sovereign Development Fund (SDF) currently has USD 190 million.
Speaking at a press conference held at the National Emergency Operation Centre (NEOC), Finance Minister Ameer said the fund had USD 98 million when the current administration assumed power in 2018. The minister said the administration had deposited funds to SDF from the state budget over the last few years.
The finance minister stated the administration aims to increase the fund to meet the total government bonds by 2022. He added the administration has one private placement bond of USD 250 million that matures in 2022, and another USD 100 million that matures in 2023, although the latter has been extended for another three years.
SDF was formed to be utilised if the government is met with an unprecedented economic crisis or when the administration is unable to repay loans taken for major development projects in the country.