The Parliament on Monday passed an amendment to handover all the power related to the Sovereign Development Fund (SDF) to the Minister of Finance and Treasury.
This amendment was submitted to the Public Accounts Act on behalf of the government by South Fuvahmulah Parliamentarian MP Mohamed Mumthaaz.
During the session held on Monday, the reports based on the investigation and decision reached by the Public Accounts Committee regarding the amendment in question was given the green light.
A total of 44 members voted for it, while a single member voted against it.
As per the newly passed bill, the President will decide on depositing and spending the funds in SDF, in accordance with the advise given by the Finance Minister. Meanwhile all the work related to maintaining the fund will be undertaken by the ministry.
SDF’s custodial account has to be created at Maldives Monetary Authority (MMA). This account is established to invest state funds, pay debts and increase state earnings.