President Dr Mohamed Muizzu ratified the First Amendment to the Fiscal Responsibility Act on Tuesday.
Parliament passed the amendment at the 27th sitting of its third session of 2025, held on Monday, 1 December.
The amendment requires the formulation, approval and publication of a Fiscal Responsibility Charter in the Government Gazette within 24 months of the Act coming into force. It also clarifies that, during this two-year period, the measures arising from the Charter will not be mandatory.
Additionally, the amendment suspends the requirement to conduct feasibility studies before including Public Sector Investment Programme (PSIP) projects in the State Budget until the Charter is formally adopted.
With the President’s ratification and its publication in the Government Gazette, the amendment has now taken effect.
