Parliament has passed the State’s Debt Bill and the Fiscal Responsibility Bill, in line with recommendations by the legislature’s Public Accounts Committee.
The Fiscal Responsibility Bill was proposed by Member of Parliament (MP) for Thulusdhoo, Ibrahim Naseem [People’s National Congress — PNC] and the Debt Bill was proposed by MP for Funadhoo, Mohamed Mamdooh [PNC].
The proposed Fiscal Responsibility Bill seeks to ensure that all fiscal affairs of the State are conducted in a transparent and responsible manner, thereby ensuring fiscal discipline.
Both bills passed with 81 votes in favour, while some members voted against the two bills.
The Fiscal Responsibility Bill aims to;
- Prescribe the rules, objectives, and principles related to the sustainable, transparent, and responsible operation of the State’s fiscal system
- Prescribe the principles related to ensuring that the state’s fiscal policy is implemented in a sustainable manner to establish intergenerational equity
- Prescribe the principles related to the formulation and implementation of the State’s medium-term fiscal strategy
- Facilitate Parliamentary scrutiny of the functioning of the fiscal policy of the State and prescribe the principles of accountability of the Government in relation to the fiscal affairs of the State
The Debt Bill seeks to ensure that the impact on the nation’s economy and future generations is mitigated in a manner that ensures the nation’s economic prosperity and the long-term sustainability of the State’s fiscal system.
