Daily Blog on Tue, 03 December 2024
03 Dec 2024 09:29 PM
03 Dec 2024 08:47 PM
Chinese Ambassador pays farewell call of Minister of Defence

Ambassador of the People's Republic of China to the Republic of the Maldives, Her Excellency Wang Lixin paid a farewell call on Defence Minister, Mohamed Ghassan Maumoon

03 Dec 2024 08:43 PM
Ambassador Sareer delivers Maldives' statement at UNCCDCOP16

Ambassador of Maldives to Kingdom of Saudi Arabia Ahmed Sareer delivered the Maldives statement at the United Nations Convention to Combat Desertification. He urged the importance of unlocking finance for land restoration and drought resilience

03 Dec 2024 07:07 PM
The President ratifies the National Debt Bill

President Dr. Mohamed Muizzu has today ratified the National Debt Bill.

This Act was passed by Parliament during the 55th sitting of the 20th Majlis held on Wednesday, 27 November 2024.

The Act aims to provide the state with streamlined access to debt and similar financial mechanisms, both domestically and internationally, while maintaining robust financial safeguards and minimising debt servicing costs. It is designed to ensure that borrowing is undertaken responsibly, with minimal long-term impact on the country’s fiscal and financial systems, economic development, and the well-being of future generations.

The Act also outlines strategies for achieving mid-term debt management objectives, specifying the financial instruments that can be used to secure financing. Additionally, it establishes transparency mechanisms to ensure accountability in debt management practices.

To monitor Government debt and facilitate the effective implementation of the Act’s provisions, the legislation mandates the creation of a dedicated Debt Management Department. This new department will assume the responsibilities of the existing Debt Management Department within the Ministry of Finance, ensuring a more streamlined and focused approach to managing the nation’s debt obligations.

Following the President's ratification, the National Debt Bill has been published in the Government Gazette and will take effect six months from the date of ratification and publication.

03 Dec 2024 07:06 PM
The President ratifies the National Fiscal Responsibility Bill

President Dr. Mohamed Muizzu has today ratified the National Fiscal Responsibility Bill.

This bill was passed by Parliament during the 55th sitting of the 20th Majlis held on Wednesday, 27 November 2024.

The Government proposed the National Fiscal Responsibility Bill to establish a robust framework for implementing feasible fiscal standards. The law aims to ensure all state fiscal operations are sustainable, transparent, and accountable, fostering fiscal discipline in line with legal and regulatory obligations.

Under the new law, the Government is permitted to borrow from the Central Bank to manage cash flow, provided such borrowing does not exceed 2.5% of the average revenue collected over the preceding three years.

The law requires the Minister of Finance to formulate and submit a Fiscal Responsibility Charter, Fiscal Strategy Statement, Budget Statement, and Risk Statement to the Parliament. Additionally, the first Fiscal Responsibility Charter formulated under this new law, must be published in the Government Gazette within six months of the law's ratification.

Additionally, Auditor General is also tasked with preparing reports on the Government's implementation of the law’s provisions, which will be presented to Parliament. Parliament, in turn, is responsible for conducting a fiscal impact analysis, assessing government performance, and providing recommendations to government based on its findings.

Following the President's ratification, the National Fiscal Responsibility Bill has been published in the Government Gazette and will take effect six months from the date of ratification and publication.

With the enactment of the new law, the current Fiscal Responsibility Act (Law no. 7/2013) is nullified.

03 Dec 2024 05:49 PM
Foreign Investment Act comes into effect

Ministry of Economic Development and Trade has announced that the Foreign Investment Act (Law No. 11/2024), ratified on 03 September 2024 is now in effect. The foreign investment approval process and the application forms, along with entry requirements are now updated on the website

03 Dec 2024 03:50 PM
MoCLP hosts visiting delegation from Lhasa City, PRC

Ministry of Cities, Local Government, Public Works hosted the visiting delegation from LhasaCity , Xizang Autonomous Region, People's Republic of China. Minister Adam Shareef Umar chaired the meet

03 Dec 2024 03:24 PM
UNHRC President calls on Foreign Minister

UN Human Rights Council President Ambassador Omar Zniber paid a courtesy call on Minister of Foreign Affairs Dr Abdulla Khaleel. Zniber is currently on an official visit to the Maldives

03 Dec 2024 03:54 AM
Maldives at the UNGA 79 Plenary on First Committee

Maldives Mission NY has participated in the UNGA plenary to consider draft resolutions and decisions of the First Committee on Disarmament and International Security