In a positive update on the nation’s financial health, Fisheries Minister Ahmed Shiyam announced substantial economic improvements, crediting President Dr. Mohamed Muizzu's administration for the turnaround.
In a post on X (formerly Twitter), Minister Shiyam highlighted the remarkable growth of the Sovereign Development Fund. "The sovereign Development Fund, which had $2 million when President Dr. Muizzu came to power, has now reached more than $40 million," Shiyam stated, describing this increase as a clear sign of economic recovery.
Shiyam emphasized the significance of this achievement, noting, "[This is] bright evidence that he has put in place economic improvements." The substantial growth in the fund is seen as a testament to the new administration's effective economic policies and strategic financial management.
The Sovereign Development Fund, originally established by former President Yameen Abdul Gayoom’s government, had faced significant declines under the previous administration. The fund had also seen its dollar reserves converted into Maldivian Rufiyaa during the Covid-19 pandemic, which further impacted its value.
However, under President Muizzu’s leadership, the government has revitalized the fund and resumed dollar deposits.
In a post on X (formerly Twitter), Minister Shiyam highlighted the remarkable growth of the Sovereign Development Fund. "The sovereign Development Fund, which had $2 million when President Dr. Muizzu came to power, has now reached more than $40 million," Shiyam stated, describing this increase as a clear sign of economic recovery.
Shiyam emphasized the significance of this achievement, noting, "[This is] bright evidence that he has put in place economic improvements." The substantial growth in the fund is seen as a testament to the new administration's effective economic policies and strategic financial management.
The Sovereign Development Fund, originally established by former President Yameen Abdul Gayoom’s government, had faced significant declines under the previous administration. The fund had also seen its dollar reserves converted into Maldivian Rufiyaa during the Covid-19 pandemic, which further impacted its value.
However, under President Muizzu’s leadership, the government has revitalized the fund and resumed dollar deposits.
