Finance Minister Mohamed Shafeeq said the Maldives targets building up US$100 million in its Sovereign Development Fund (SDF) by the end of the year, up from US$2 million when the current administration took office. He also said external debt payments were estimated at US$500 million per year for 2024 and 2025 and projected at US$1 billion for 2026, and that state-owned enterprise spending was a priority for reduction.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
Finance Minister Mohamed Shafeeq speaks at a press conference on Thursday, 30 May 2024.
Word for word from the report in Maldives Republic. Open the report
We are working very hard to build the Sovereign Development Fund. The fund was at US$2 million on 17 November and (the amount) has increased by US$50 million to date… Our target is to increase the fund to US$100 million by the end of this …
I think the SOE reform programme is important. Expenditure by state-owned enterprises should be more efficient. Costs should be reduced,
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Our target is to increase the fund to US$100 million by the end of this year.
Word for word from the report in Maldives Republic. Open the report
The fund was at US$2 million on 17 November and (the amount) has increased by US$50 million to date
Word for word from the report in Maldives Republic. Open the report
The state’s external debt payments for 2024 and 2025 are estimated at US$500 million per year
Word for word from the report in Maldives Republic. Open the report
with 2026 debt payments projected at US$1 billion.
Word for word from the report in Maldives Republic. Open the report
The financial statements of more than 25 SOEs are being regularly reviewed to reduce costs, he said.
Word for word from the report in Maldives Republic. Open the report
