MVR 12.5M from atoll shops deposited to councils

Minister of Finance, Ibrahim Ameer. (File Photo/Sun/Fayaz Moosa)

Ministry of Finance has begun depositing money generated from the rent on atoll shops run in Male’ City to the atoll councils.

The deposits come after a four-year hiatus.

Regulations dictate that 50 percent of the rent collected by the State for atoll shops, though it may be run in Male’ City, must go into atoll councils.

The rent money was last deposited to atoll councils in 2014.

 Ministry of Finance reports that it deposited MVR 12.538 million to 16 atoll councils last week, and is working on depositing the rent money to the remaining four atolls.

The deposits are the rent money due to atoll councils for 2015, reports the ministry.

Speaking regarding the decision, Minister of Finance, Ibrahim Ameer noted that councils had very few avenues open to generate income – one of which is the atoll shops.

“Empowering the councils is one of this administration’s pledges. What’s most important for empowerment is financial self-sufficiency. The failure to receive money from the atoll shops is one of the councils’ concerns,” said Ameer.

Minister Ameer said the State will be depositing the rent money for the years 2015, 2016, 2017, and 2018 once it completes depositing money for year 2014.

Atolls shops are located on the Northern end of Male’ City. The rent for each shop varies, meaning atoll councils will receive 50 percent of the rent on its respective atoll shop.