Maldives Government Publishes Regulations for Tourism Trust Fund to Support Industry Growth

The government has formalized regulations for the newly established Tourism Trust Fund, aimed at providing financial assistance to the tourism sector and fostering sustainable development within the industry.

According to the Ministry of Tourism, the fund’s primary objectives are to advance tourism development in the Maldives, uphold industry standards, and ensure lasting benefits for all stakeholders. The fund will also support capacity-building initiatives for tourism workers and invest in sector-wide development projects.

The regulations specify that the Tourism Trust Fund’s capital will be sourced from four key streams: sponsorship revenues from Tourism Ministry activities, corporate social responsibility (CSR) contributions, investment returns, and training fees collected.

Management of the fund will be overseen by a seven-member committee comprising representatives from the President’s Office, Ministry of Tourism, Ministry of Finance, Ministry of Economic Development and Trade, Attorney General’s Office, Ministry of Construction and Housing, and the Maldives Inland Revenue Authority (MIRA).

The fund is established for an initial five-year term, with a mandate to submit annual reports and financial statements to the relevant authorities within three months after the fiscal year ends. Subsequently, the Auditor General’s Office is required to submit an audit report to Parliament within two months of receiving the statements.