President Ratifies Fifth Amendment to the Public Finance Act

President Abdulla Yameen Abdul Gayoom has ratified the fifth amendment to the “Public Finance Act” (Act No. 3/2006). The Amendment was passed by the Parliament at the 22nd sitting of its third session, on 26th November 2015.

Following ratification, the Act has been ‎published in the Government Gazette.‎

The amendment will help resolve the issues being faced by the State having to use public bank accounts to deposit the grant amounts and loan amounts acquired as aid and assistance for government projects.