More than MVR 1 billion has been deposited into the Sovereign Development Fund (SDF) so far this year, according to figures released by the Ministry of Finance and Public Enterprises.

Statistics published by the ministry show that MVR 1.03 billion was deposited into the fund between 1 January and 4 June 2026. The deposits were made in foreign currency.

The Sovereign Development Fund was established in 2017 to strengthen the country's ability to meet future debt obligations. By the end of 2018, the fund had accumulated nearly USD 200 million. However, most of the money was later exchanged under an agreement signed between the Ministry of Finance and the Maldives Monetary Authority (MMA) in 2019.

While the previous administration stated that the funds were utilised due to the economic impact of the COVID-19 pandemic, the agreement facilitating the sale of the foreign currency was signed before the outbreak of the pandemic.

Official figures show that the fund held only around USD 2 million in foreign currency reserves when the current Administration took office. Since then, the Government has increased foreign currency savings in the fund and used a significant portion of those reserves to make the USD 500 million sukuk repayment.

The strengthening of the fund was cited by Fitch Ratings as one of the factors behind its decision to upgrade the Maldives' credit rating from ‘CC’ to ‘CCC-’. Fitch also noted that continued deposits into the SDF following the sukuk repayment demonstrate that the Maldives' capacity to meet future debt obligations remains intact.