The Sovereign Development Funds (SDF) of Maldives has dropped even further, decreasing the funds available for usage.
According to the statistics shared by the Ministry of Finance and Treasury, currently, there is only MVR 98.7 million in SDF.
Notably, the amount has dropped drastically after having a billion in it during October. The funds decreased as it was used to invest in various things.
The SDF has MVR 5.1 billion in it. As per the figures, at the beginning of this year, there was MVR 1.2 billion available for immediate usage.
The government has aimed to add USD 600 million to the fund by 2026.
Meanwhile, the Maldives Monetary Authority (MMA) has stated that if the investments made using SDF have not matured by 2026, there would be great obstacles in repaying the debts.
The Sovereign Development Fund (SDF) was created by the government of former President Abdulla Yameen Abdul Gayoom. It was created to be used in instances when repaying the debt from loads taken for large infrastructural projects becomes difficult, or in overcoming various economic crises.
Funds of SDF are kept with MMA and managed entirely separated from those in the authority’s reserve.
The Cambodian Prime Minister arrives in the Maldives on an official visit
The Prime Minister of the Kingdom of Cambodia, Samdech Akka Moha Sena Padei Techo Hun Sen, arrived Sunday morning on an official visit to the Maldives at the invitation of H.E. President Ibrahim Mohamed Solih. It is Samdech Techo Prime Minister Hun Sen’s first visit to the Maldives.
The Cambodian Prime Minister and accompanying delegation were received at Velana International Airport (VIA) by the Minister of Foreign Affairs, Abdulla Shahid (ODRI). The government will hold a ceremony on Monday to officially welcome the Cambodian Prime Minister to the Maldives.
During the visit, President Solih would meet with Samdech Techo Prime Minister Hun Sen and hold official talks on strengthening bilateral cooperation, followed by the exchange of memoranda of understanding (MoUs) between the two countries. President Solih and the Cambodian Prime Minister would also deliver a joint statement on the outcomes of their discussions.
The Maldives and Cambodia established diplomatic relations on September 21, 1995.
Source(s): President Office.
Hinnavar port and outer wall construction is completed.
The contractor for the Hinnavaru Port Development Project, Maldives Transport and Contracting Company (MTCC), has announced that the land and outside wall have been finished. On November 10, 2020, the Ministry of National Planning, Housing, and Infrastructure tasked MTCC with expanding and modernizing Hinnavaru Port.
Hinnavaru is a significant island in the atoll that is linked to the economic growth of Fadhipolhu. Lack of consultation is a hindrance to transforming the atoll’s island area into a commercial power. A dam was formerly utilized to be designed by everybody in the north of Hinnavaru. After a piece of the port collapsed and the port was rendered unusable, efforts are being made to extend and improve the port in conjunction with the port.
Work on the damaged segment of the harbour and the building of the embankment were completed as part of the project. The exterior wall and groining have also been finished. According to the overall project status, 66% of the work has been accomplished. Hinnavaru’s new port will be 162 meters long and 47 meters broad. The dam work will fill an area of 65,170.76 cubic metres. It will also comprise the building of a 421-metre subterranean tunnel, a 123.9-metre outer wall, and a 140.55-metre revetment.
Fishing boats are constantly present in Hinnavar. Hinnavaru Council also recognized the island’s abundance of private launches and boats. According to the Hinnavaru council, traders and ordinary people suffered greatly as a result of the port’s failure.
According to the Hinnavaru Council, the port development project will alleviate the present challenges in implementing the suggestions, and no more economic growth will be brought to the island.
Security heightened at Indian High Commission in Maldives over arson threat
Security measures at the Indian High Commission in the Maldives have been heightened following arson threats.
Security measures at Indian High Commission in the Maldives were heightened in connection case under investigation by the police. No further details were disclosed.
Security measures were heightened at the Indian High Commission over a tweet by former State Minister for Finance Abbas Adil Riza, encouraging an arson attack on the building.
Abbas, in a tweet, alleged that arson was committed at Addu City during the unrest by members of Maldivian Democratic Party (MDP) on February 8, 2012 after then-President Mohamed Nasheed’s government was overthrown, was on the orders of India. Noting that revenge has yet to be taken over the matter, Abbas called to set ablaze the Indian High Commission in the Maldives.
Foreign Ministry has also expressed concerns over Abbas’ tweet.
In a statement, the Ministry, said that the government was investigating the case as a serious matter whereas security forces have administered the necessary security measures over the threat.
Commissioner of Police Mohamed Hameed has described Abbas’ tweet as an act of terrorism. On this note, he said that encouragement of terrorism will be investigated as very serious matters.
Political parties including MDP, Adhaalath Party and MRM have condemned the tweet as well.
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