Finance Ministry reports have revealed that USD 30 million has not been deposited to the Sovereign Development Fund (SDF) since the current administration took office as claimed by Economic Minister Mohamed Saeed.
Speaking at a rally in Haa Alif Kelaa on Sunday during President Dr. Mohamed Muizzu's ongoing tour of the northern atolls, Saeed said the amount was deposited to the SDF directly in US dollars in the first three months of the government.
"I am saying with great happiness here in Kelaa today, USD 30 million in American dollars has now been deposited to the Sovereign Development Fund in only three months since President Muizzu assumed office. Considering this ratio, God willing USD 130 million American dollars will be deposited by the end of this year to the savings fund for the Maldivian people."
However, the weekly and monthly fiscal development reports released by the Finance Ministry show that the amount had not been deposited. The SDF amounted to MVR 873.2 million when the government came to power. At the end of the year, the SDF stood at MVR 1,015.4 million.
Therefore, the amount deposited last year after President Muizzu assumed office was MVR 142.2 million, which was USD 9.2 million at the official exchange rate. The latest fiscal report shows the state's finances as of February 15.
According to the report, the amount deposited to the SDF to that date was MVR 106.6 million or USD 6.9 million. When this is added to the amount deposited by the end of last year, the total is MVR 16.1 million. If the SDF were to have reached USD 30 million by Sunday, USD 14.9 million would have had to be deposited in the preceding 11 days.
As this figure is far above the usual amounts, Adhadhu asked the Economic Ministry to clarify the source of the funds deposited to the SDF. A message was sent when phone calls went unanswered. The ministry has not replied as of the time of publication.
The funds usually deposited to the SDF are the airport development fee, revenue from cross subsidy deals and other government income. The budget approved for this year projected deposits of MVR 1,015 million or USD 66 million during 2024. Saeed said a further USD 64 million would be deposited.
According to this year's budget, the SDF stood at MVR 7.5 million, of which 99 percent was locked in investments. The cash balance as of September last year was MVR 89.6 million.
In addition, an MVR 252 million loan was issued to HDC from the fund.
