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Sovereign Development Fund (SDF)
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Economy · Press release
Minister Responds to Public Queries on Nation's Financial Position and Development Projects at 'Ahaa' Forum
Finance Minister Hassan Zareer told the 10th 'Ahaa' Forum that Moody's upgraded the Maldives' credit rating to Caa1, that USD 1.42 billion in debt has been settled and USD 350 million from the Sovereign Development Fund used toward Sukuk settlement this year. He said fuel subsidy spending reached MVR 4.3 billion as of October 8 against a budgeted MVR 2.9 billion, but the government would avoid a supplementary budget and keep the deficit below 10 percent of GDP.
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