Fiscal responsibility and debt bill forwarded to committee review
Both bills were referred to the committee for consideration by a vote of 78 members.
By
Aishath Maha
The government has passed the Public Debt Bill and the Fiscal Responsibility Bill to be referred to the Committee for further consideration.
The Fiscal Responsibility Bill to replace the existing Public Expenditure Accountability Act was moved by Thulusdhoo Constituency Member Ibrahim Naseem. The Public Debt Bill was moved by Funadhoo MP Mohammed Mamdooh.
The two bills were passed to be referred to the Public Accounts Committee.
In addition, the committee also passed a resolution moved by Baarah Constituency Member Ibrahim Shujau to seek the views of the members of Parliament on the increase in the number of members of Parliament every five years. The resolution will be referred to the Committee on Independent Institutions.
Both bills were referred to the committee for consideration by a vote of 78 members. MP Shujau’s resolution also passed with 78 votes in favour.
The Fiscal Responsibility Bill states:
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This includes increasing the amount of money that can be withdrawn or printed through the central bank, the MMA, to meet government expenditures
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The money will be repaid within three months at market interest rate
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The amount will not exceed 2.5% of the average annual revenue of the government for the past three years
The Public Debt Accountability Bill states:
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The bill is proposed to ensure that the state borrows, looks after and manages its debt with assessment of the impact on the country’s economy and future generations and in a manner that sustains the country’s economic prosperity and the state’s fiscal system over the long term
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To define procedures relating to the collection, maintenance and management of public debt, the issuance of sovereign guarantees by the state for debt borrowed by local authorities and state-owned enterprises, and the disclosure, reporting and monitoring of information relating to public debt
