President's approval needed for financial relief in govt transactions

A new regulation has been enforced by Maldives' Finance Ministry outlining the process of granting financial relief in transactions involving public institutions.

The regulation is titled, "Policy for Applications for Relief, Benefit, and Waiver of Payments in Relation to Transactions with Public Offices". According to this regulation, there are specific conditions under which financial concessions can be provided and approved.

Under the regulation, government agencies, except local councils, must get presidential approval, based on the Finance Minister's counsel, before providing any form of relief for financial transactions.

Applications for such relief must include comprehensive details of the transaction in question along with supporting documents and justifications for the requested leniency, the regulation states.

For local councils, financial relief can be granted only after evaluating the potential financial impact of the decision. Councils are required to report their decisions to the Ministry of Local Government within seven days, which will maintain records of all such transactions.