President ratifies fiscal responsibility bill to limit govt spending and public debt
07 May 2013, 4:10 PM
President Dr Mohamed Waheed Hassan Manik ratified the fiscal responsibility bill on Monday (May 6) and issued a decree to delay the enforcement of 22 provisions that require specific guidelines for implementation.
The legislation submitted in 2011 by the previous administration was passed 42-10 by parliament on April 15 this year.
“The Act ensures accountable, transparent and sustainable government implementation of the state fiscal policy,” according to the President’s Office website.
Following ratification and publication of the Act in the government gazette, President Waheed issued a decree in accordance with article 39 of the Act (Dhivehi), which authorises the president to delay enforcement of any provision of the law by one year if it requires rules or a mechanism to be set up before implementation.
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