The State Fiscal Responsibility Bill has been passed by the People’s Majlis today. The bill was submitted to the Majlis on behalf of the government by PNC member Ibrahim Naseem, representative for the Thulusdhoo constituency. In today’s Majlis session, the bill was passed unanimously by all 81 members present and voting.
The purpose of this bill is to introduce a new system of fiscal rules that can be implemented appropriately, ensuring that all fiscal matters of the state are conducted in a sustainable, transparent, and responsible manner that establishes fiscal discipline. The bill outlines principles, goals, and rules related to managing the state’s fiscal system in a sustainable, transparent, and responsible way.
Additionally, the bill includes principles to ensure that the state’s fiscal policy is implemented sustainably based on “intergenerational equity” or fairness to future generations, as well as rules related to formulating and implementing the state’s medium-term fiscal strategy. The bill also includes sharing the results of the state’s fiscal system management with the People’s Majlis to facilitate parliamentary oversight of the state’s fiscal policy. It also contains rules regarding government accountability on state fiscal matters.
With this bill becoming law, the existing Fiscal Responsibility Act will be repealed. When this bill was introduced, some media outlets and opposition parties accused the government of planning to print money. However, the member who submitted the bill has previously denied this claim.
