SDF bill, rejected by last assembly, resubmitted to parliament

The Sovereign Development Fund (SDF) bill that was rejected by the last assembly has been resubmitted to the parliament by the government on Monday.

The government-backed bill was rejected by the 19^th parliament on March 26^th, near the end of its electoral. Notably, the bill was rejected by a controversial vote which saw the Deputy Speaker, who was presiding over the sitting, participate in the vote to break a tie.

Ruling PNC had alleged that the bill was thrown out of the parliament through deception and in violation of the stipulated regulations.

The bill was resubmitted by PNC’s Central Fuvahmulah MP Ali Fazadh on behalf of the government on Monday. It contains the exact same provisions as before.

The first reading of the bill took place in Monday’s sitting.

As per the bill, a ‘Sovereign Development Fund Administration Office’ which will be run under the Finance Ministry will be incepted to oversee the Sovereign Development Fund.

The Office’s CEO must submit a report on the Fund to the Governing Council every three months which should detail the amount remaining, deposits, expenses and investments.  

It is the president who will determine the amount of money that will be deposited into the fund with the counsel of the Governing Council. The custodian of the fund is the central bank, Maldives Monetary Authority (MMA).

The Sovereign Development Fund was incepted during former president Abdulla Yameen Abdul Gayyoom’s administration to be utilized under circumstances when repaying the debt from loads taken for large infrastructural projects becomes burdensome, or to overcome various economic crises.