The government has deposited US$30 million in the Sovereign Development Fund (SDF) in the last three months, Economic Minister Mohamed Saeed said.

Speaking to the residents of Kelaa as part of the President's ongoing tour of the North, Saeed noted that the previous government had printed about MVR 800 million, devaluing the currency. He even added that the dollars in the SDF which was created for foreign debt repayments were exchanged into local currency.

“When the government took over, the Sovereign Development Fund had US$2 million and MVR 2.4 million,” he said.

The SDF was established by former President Abdullah Yameen to save money to repay government loans. The fund was established in 2017.

Saeed said US$30 million has been deposited in the fund within three months of this government and by the end of this year, it will have US$130 million. The government will receive foreign aid and the world's financial institutions welcome President Muizzu's economic measures, he said.