The Parliament is calling for public feedback on the new Sovereign Development Fund (SDF) bill, currently under review by the Public Accounts Committee. In a recent announcement, the Parliament requested that citizens submit their opinions on the bill by 14:00hrs on Thursday next week, either via mail or in written form addressed to the committee.
This bill, aiming to alleviate the state’s challenges in repaying loans, marks the first submission by the current government. Notably, it was previously rejected on 26th March during the 19th assembly, with the then assembly’s chair voting against it. This rejection led the ruling People’s National Congress (PNC) to suspect foul play, alleging that the bill’s dismissal breached parliamentary standing orders.
Fuvahmulah MP Ali Fazad resubmitted the bill on 10th June, without any amendments. The proposed legislation seeks to establish a ‘Sovereign Development Fund Administration Office,’ mandating its CEO to provide a quarterly report to the governing council. This report would detail fund transfers, expenditures, investments, and the overall balance.
The fund’s limit will be set by President Dr. Mohamed Muizzu, following advice from the governing council, with the Maldives Monetary Authority (MMA) serving as the fund’s custodian. Initially established during former President Abdulla Yameen’s administration, the SDF was designed to repay loans taken for developmental projects and to act as a buffer during economic crises.
The current administration plans to transfer a total of USD 130 million to the fund before the end of 2024. This move underscores the government’s commitment to ensuring financial stability and preparing for unforeseen economic challenges.
