The Maldives’ Sovereign Development Fund (SDF) collected USD 59.86 million during the first five and a half months of 2026, reflecting an 18 percent rise compared to the same period last year, according to figures released by the Ministry of Finance and Public Enterprises.
Data published in the Ministry’s latest Weekly Fiscal Development Report shows that the fund generated USD 50.32 million over the corresponding period in 2025, indicating continued growth in state reserve contributions amid increasing fiscal pressures linked to debt servicing.
The report also highlighted a sharp escalation in government loan repayments this year. State expenditure on debt obligations has climbed to USD 557.85 million so far in 2026, compared to USD 162.13 million during the same timeframe last year — an increase of 244 percent.
Authorities stated that nearly USD 1 billion in debt commitments has been settled throughout the year. These payments included the repayment of a USD 500 million sovereign sukuk issued in 2021, as well as obligations linked to a USD 400 million currency swap arrangement secured during President Mohamed Muizzu’s visit to India in 2024. Funding for both repayments was sourced through the Sovereign Development Fund alongside the country’s official foreign reserves.
The Sovereign Development Fund was established by the government in 2016 to strengthen the country’s capacity to repay major loans obtained for development projects and emergency financing, while also serving as a financial buffer against economic shocks.
The fund operates separately from the reserves managed by Maldives Monetary Authority, the Maldives’ central bank. Revenue for the SDF is primarily generated through airport development fees charged on departing passengers, dividend contributions from Maldives Airports Company Limited, which manages Velana International Airport, as well as increased charges on selected airport-related services.
