President Dr Mohamed Muizzu has stated that the Maldives' official foreign exchange reserves and the Sovereign Development Fund (SDF) have shown notable improvement, despite significant repayments of loans incurred under previous administrations.

Speaking at a press conference on Saturday, the President provided an overview of the country's current economic and fiscal situation. He reported that official reserves had risen to USD 791 million as of March 2025, compared to a significant low of USD 371 million in September 2024. He described the trend as a positive one, indicating that the country’s reserve position is gradually stabilising.

The President noted that the Government has prioritised debt repayments in the current fiscal year. A total of MVR 2.5 billion has been spent so far to repay external debt, including loans taken in 2022.

From January 1 to April 24, the Government collected MVR 12.4 billion in revenue, while total expenditure amounted to MVR 10.5 billion. This resulted in a preliminary budget surplus of MVR 1.9 billion. The President also stated that when debt repayments are excluded, the surplus rises to MVR 3.5 billion.

He added that the Government’s approach has been to maintain a positive primary balance, while continuing to spend on essential needs, including debt servicing.

Regarding the Sovereign Development Fund, which was established to ensure future debt repayment capacity, the President said the fund held between USD 2 million and USD 2.4 million when he assumed office. As of April 30, the balance had increased substantially to USD 121 million.