President Dr. Mohamed Muizzu has revealed that the Sovereign Development Fund (SDF) has already received USD 64 million.

Speaking at an Independence Day celebration held at the Social Center last night, the President said the sovereign fund had only USD 2 million when he took office. The foreign currency deposited in the Sovereign Fund is used to pay off debts, he said.

“We have started implementing our economic agenda and as of today, July 26, we have deposited USD 65 million into the fund,” he said.

The President said the government aims to raise USD 100 million in the Sovereign Fund by the end of this year.

The President also said that there are MVR 13 billion that have not been paid to the state by various parties. The government has now started working to recover the money, he said.

He assured that the state would prioritise the recovery of funds owed. He indicated that land rent amounting to USD 513 million, TGST amounting to USD 102 million, GST amounting to USD 3.3 billion, and USD 1 billion in corporate income tax are yet to be received by the state.

He stated that if the state were to recover these amounts, much of the fiscal burden would be alleviated.