COVID-19 Corona Virus

Mabrook: USD 272 million in the Sovereign Development Fund

The government spokesperson for the state of emergency amid the COVID-19 pandemic, Mohamed Mabrook Abdul Aziz has said that there is USD 272 million in the Sovereign Development Fund.

Speaking during a press conference on Thursday, Mabrouq noted that the Finance Ministry will reveal weekly changes to the fund and that as of now there are USD 272 million in it.

Mabrouq noted that the Airport Arrival Fee charged by MACL at USD 6 is deposited into the fund, while the money in the fund itself is invested to make profit. The money in the fund can only be spent with an approval from a board of members including officials of MMA and Finance Ministry.

However the government has now decided to establish a set of rules and regulations, for which the Parliament will be responsible.