Maldives Parliament on Monday passed an amendment to the Public Finance Act, which aims to hand over all the power related to the Sovereign Development Fund (SDF) to the Minister of Finance and Treasury as well as the President.

This amendment was submitted on behalf of the government by South Fuvahmulah Member of Parliament (MP) Mohamed Mumthaaz. It was passed with a total of 44 votes out of 52 present members. Only a single member voted against it.

As per the newly passed bill, the President will decide on depositing and spending the funds in SDF, in accordance with the advice given by the Finance Minister. Meanwhile, all the work related to maintaining the fund will be undertaken by the ministry from Maldives Monetary Authority (MMA).

SDF’s custodial account has to be created at Maldives MMA. This account was established during the tenure of President Abdulla Yameen in order to invest state funds, pay debts and increase state earnings.