The Maldivian government today announced the official rules for the newly established Tourism Trust Fund, aimed at enhancing and sustaining the tourism sector.
According to the Ministry of Tourism, the primary objectives of the fund are to support the continued development of tourism, maintain quality standards across the sector, and ensure the industry's benefits are distributed sustainably. Additionally, the fund will provide financial support for capacity building and investments to strengthen the tourism industry.
The Tourism Trust Fund's capital will consist of four main sources:
- Sponsorships and other funding received locally and internationally for tourism-related activities organized by the Ministry of Tourism.
- Corporate Social Responsibility (CSR) contributions from tourism operators, as mandated under the Tourism Act.
- Income generated from investments made by the fund.
- Training fees collected through public tenders.
- Fund Management and Oversight
The fund will be managed by the Ministry of Tourism, under a formal Trust Statement and in accordance with decisions made by a seven-member Fund Management Committee, appointed by the Minister of Tourism. Members will be drawn from:
1. President’s Office 2. Ministry of Tourism 3. Ministry of Finance 4. Ministry of Economic Affairs 5. Attorney General’s Office 6. Ministry of Construction and Housing 7. Maldives Inland Revenue Authority (MIRA)
The Ministry of Tourism will oversee the administrative affairs of the committee and establish a dedicated secretariat to support its operations.
For the next five years, the Fund will focus on:
- Development projects within the tourism sector.
- Investments in tourism facilities.
- Education and training programs to build industry capacity.
- Public social benefit activities.
- Use of funds in accordance with the Trust Statement.
To ensure transparency, the Ministry of Tourism must submit the Fund’s annual report and financial statements to the President, Parliament, Ministry of Finance, and Auditor General within three months after the end of each fiscal year. The Auditor General will then audit the reports and submit findings to Parliament within two months of receiving them.
