According to statistics from the Ministry of Finance, MVR 923 million has been deposited into the Sovereign Development Fund (SDF) as of May 14th this year. This represents an 18% increase compared to the same period last year. Simultaneously, there has been a significant rise in state debt servicing expenditures. Loan repayments for the year have reached MVR 8.6 billion, marking a substantial 244% increase over the previous year. These debt obligations include a USD 500 million Sukuk and a USD 400 million currency swap, both of which were settled using the Sovereign Development Fund and national reserves. Established in 2016, the SDF serves as a strategic reserve to mitigate economic shocks and facilitate the repayment of major loans. The fund is primarily financed through Airport Development Fees and dividends from the Maldives Airports Company Limited (MACL).
