Local media report that a significant portion of the Sovereign Development Fund's deposits has been withdrawn under the Muizzu administration, with the balance falling from about US$70 million to roughly US$20 million. The fund's information is not published, and funds were reportedly used to pay off a Housing Development Corporation loan.
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.
It’s a huge embarrassment that it’s reached this point,
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
When President Mohamed Muizzu took office, fund receipts totalled US$2 million.
Word for word from the report in Maldives Republic. Open the report
Since his inauguration on 17 November 2023, the fund’s balance had increased to as much as US$70 million.
Word for word from the report in Maldives Republic. Open the report
as of Thursday, the SDF’s balance was approximately US$20 million, which could indicate a withdrawal of approximately US$50 million.
Word for word from the report in Maldives Republic. Open the report
which could indicate a withdrawal of approximately US$50 million.
Word for word from the report in Maldives Republic. Open the report
with around 80 percent of the money invested in Treasury bills.
Word for word from the report in Maldives Republic. Open the report
it aimed to build a reserve worth MVR 9.7 billion by the end of 2024, the bulk of which would be used to pay off debt in 2025 and 2026.
Word for word from the report in Maldives Republic. Open the report
