Economic Minister: Sovereign fund will grow to USD 130m by year’s end

Economic Minister Mohamed Saeed says the new administration has deposited USD 30 million to the sovereign development fund since it took office in November 2023, and expects the fund to grow to USD 130 million by the end of 2024.

Saeed, who is accompanying President Dr. Mohamed Muizzu on his current tour of northern Maldives, made the remark while addressing a gathering in HA. Kelaa on Sunday afternoon.

“We have deposited USD 30 million to the sovereign development fund in the three months since President Muizzu took office. These are leaders. These are leaders who truly love this country,” he said.

He added that if things continue on this track, the fund will grow to USD 130 million by the end of this year.

Saeed said that this was the result of fiscal reforms, and that it will affect positive changes to the Maldivian economy.

Saeed had previously accused the former administration of using the money that should have been deposited to the sovereign development fund, in order to repay debts.

He said that it resulted in a US dollar crunch in the Maldives.