Government transfers to the Sovereign Development Fund (SDF) this year are MVR 395.6 million lower than at the same point last year, according to the Ministry of Finance's latest weekly fiscal developments report.
The report, published on 20 October, shows that MVR 1,727.5 million was transferred to the fund between 1 January and 15 October 2026. Transfers over the same period in 2025 totalled MVR 2,123.1 million.
The 2026 budget allocates MVR 2,429.4 million for transfers to the SDF, meaning about 71 percent of the planned amount has been transferred so far.
The weekly report records money paid into the fund during the year. It does not give the fund's overall balance.
Debt repayments more than double
Loan repayments reached MVR 10,100.8 million by 15 October, compared with MVR 4,571.6 million at the same point last year, the report shows. The government has budgeted MVR 12,914.3 million for loan repayments this year.
On 2 April the government settled the USD 500 million sukuk issued in 2021, paying the principal and a USD 24.68 million coupon. The Finance Ministry said the repayment drew on the SDF and other foreign currency balances, and that the fund's foreign currency cash balance had exceeded USD 350 million for the first time.
On 17 September the government repaid the final USD 50 million of a USD 150 million treasury bill facility raised through the State Bank of India in 2019. The ministry said it continues to accumulate funds in the SDF to meet debt obligations as they fall due.
Overall, revenue and grants totalled MVR 31,890.5 million by 15 October, against expenditure of MVR 36,385.7 million, leaving a deficit of MVR 4,495.1 million, the report shows.
The Sovereign Development Fund was set up in 2017 to help the state repay large debts and cushion the economy against shocks.