President Dr. Mohamed Muizzu has said that the state reserves have been brought to a good path. He said this while speaking at the ongoing press conference at the President’s Office. Speaking about the state’s financial situation, the President said that 2.5 billion rufiyaa has been spent so far this year to repay loans. The President noted that out of this, 100 million dollars had to be spent to repay previously taken loans. The President also noted that the country’s financial situation is now on a good path and that the reserves are increasing in the right direction.
President Dr. Mohamed Muizzu said that expenditures are being made in a planned manner. The President said that the Sovereign Development Fund, which stood at 2 million dollars when he took office, has now been increased to 121 million dollars as of today. The President also noted that this is an amount that has been accumulated while paying off foreign debt. “121 million dollars have been deposited to the SDF fund as of April 30, this much has been deposited while making expenditures,” the President said.
The government had previously stated that when the previous government took office in 2018, there was more than 500 million US dollars in the sovereign fund. However, the government says that by the end of that government’s term, almost all the dollars in that fund had been spent.
