Parliament seeks public opinion on SDF bill

Parliament is seeking public opinion on a new Sovereign Development Fund (SDF) bill currently reviewed by the Public Accounts Committee.

The parliament on Tuesday announced, requesting public to submit their opinions on the bill before 14:00hrs on Thursday next week via mail or in written, addressed to the committee.

The SDF bill, aiming a reduction of state's challenges in repaying loans, is the first bill submitted by the current government, which was rejected earlier in March 26th during the 19th assembly, that included a vote from then assembly's chair against it as well.

Ruling People's National Congress (PNC) suspected foul play and alleged the bill was rejected in breach of parliament standing orders.

The bill, without any amendments, was submitted a second time in June 10th, by Fuvahmulah MP Ali Fazad.

The new SDF bill proposes establishing a 'Sovereign Development Fund Administration Office', and mandates its CEO to submit a report once every three months to the governing council.

The report must highlight the transfers to the fund, and its expenditures, investments and the balance.

The fund's limit will be decided by President Dr. Mohamed Muizzu according to the counsel of the governing council, with Maldives Monetary Authority (MMA) acting as the fund's custodian.

SDF was established during former President Abdulla Yameen's administration, to repay for the loans taken towards developmental projects in light of unprecedented events.

The fund also served the purpose of acting as a buffer during unexpected economic crises as well.

The current administration intends to transfer a total of USD 130 million to the fund before 2024 end.