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Maldives May Need to Utilise SDF Funds to Cover Reserves Shortfall: Experts

Financial experts warn that the Maldives may have to draw on the Sovereign Development Fund to cover a shortfall in US dollar reserves, which fell to US$43 million against roughly US$70 million needed for a month of essential imports. The Maldives Monetary Authority has denied media reports that it sent a communique to the Ministry of Finance warning that usable reserves were nearly depleted.

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What are the key figures?

Sources 1carried it 1 of 19 news outlets we monitor
Figures4as written, with their sentences

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.

Who said what

the reports' own quoted words, each once
  • The way to do it now is to dip into the SDF and spend that money. Otherwise, there is no way to get US dollars for quick relief

    a veteran of the financial sector and a former government official Maldives Republic Open the report (Maldives Republic)

  • They spent on things that were not budgeted for and were told to cut expenditure from a certain date but they did not do so

    a financial expert Maldives Republic Open the report (Maldives Republic)

How the reporting differs

one source so far

Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.

Figures in these reports

as written, with the sentence they come from
  • US$43 million usable US dollar reserves Maldives Republic According to the latest MMA data, usable dollar reserves fell to US$43 million as of last month; significantly less than the approximately US$70 million needed for a month's worth of essential imports.

    Word for word from the report in Maldives Republic. Open the report

  • approximately US$70 million reserves needed for a month's essential imports Maldives Republic significantly less than the approximately US$70 million needed for a month's worth of essential imports.

    Word for word from the report in Maldives Republic. Open the report

  • US$65 million Sovereign Development Fund balance Maldives Republic The administration last disclosed that the SDF had US$65 million, barely enough to cover about a month's worth of essential imports.

    Word for word from the report in Maldives Republic. Open the report

    Earlier reports gave MVR 7.4 billion 4 Nov, 14:07 Maldives Republic

  • MVR 1 billion expected SDF receipts Maldives Republic is expected to accumulate receipts of MVR 1 billion by the end of the year, according to the current administration.

    Word for word from the report in Maldives Republic. Open the report

Other events named

no clear day, as worded
  • The Maldives Monetary Authority was reported to have sent a communique to the Ministry of Finance expressing concern over the nearly complete depletion of usable reserves. late last month Maldives Republic The Maldives Monetary Authority (MMA) was reported to have sent a communique to the Ministry of Finance late last month, expressing concern over the nearly complete depletion of the country's usable reserves.

    Word for word from the report in Maldives Republic. Open the report

Subjects

sectors and approved topics, alphabetical
Finance & bankingPublic finance & tax

Named in these reports

alphabetical
Maldives Monetary Authority (MMA)Ministry of FinanceMohamed Shafeeq Minister of FinanceSovereign Development Fund (SDF)