President Dr. Mohamed Muizzu Ratifies National Debt Bill

President Dr. Mohamed Muizzu has ratified the National Debt Bill, a significant legislative measure designed to enhance the government’s capacity for efficient debt management while ensuring the country’s financial stability remains intact.

The bill, approved during the 55th sitting of the 20th Majlis on November 27, 2024, introduces a streamlined process for the Maldives to access domestic and international financial resources. It underscores the importance of responsible borrowing to limit the long-term effects on the nation’s fiscal health, economic progress, and the prosperity of future generations.

The Act outlines critical strategies for achieving mid-term debt management goals, defines the financial instruments permissible for securing funding, and establishes clear mechanisms to promote transparency and accountability in debt-related operations.

A key feature of the legislation is the creation of a specialized Debt Management Department under the Ministry of Finance. This department will succeed the current structure, providing a more focused and efficient system for overseeing the nation’s debt obligations.

The President’s Office noted that the new legislation marks an important milestone in ensuring that the Maldives can secure necessary financial resources responsibly while maintaining fiscal discipline and transparency.

The National Debt Bill has been published in the Government Gazette and will take effect six months from the date of ratification.