A bill submitted on behalf of the government to regulate the Sovereign Development Fund (SDF) that was created to alleviate the debt repayment burden has been rejected by Parliament.
A vote taken at today's sitting of Parliament to accept the bill was tied in the absence of pro-government MPs and Deputy Speaker Ahmed Saleem cast the tie-breaking vote to reject the bill.
The bill was submitted on behalf of the government by Thulusdhoo MP Ibrahim Naseem. There were 28 MPs in attendance when the bill was put to a vote.
However, only two MPs participated in the vote. One voted in favor and the other voted against. To break the tie, Deputy Speaker Saleem, who was presiding over the sitting, voted against the bill.
"When the vote approached, I said repeatedly that voting will take place at this time. From the floor, I can see that not a single government MP, not a single MP, is in attendance. Therefore, as we have not seen the importance of the bill for government MPs, I will vote against it," Saleem said, explaining the reason for his vote.
"I don't know if such a vote was ever taken like this in the history of the Majlis."
The bill proposed by the government outlined policies to follow in investing in the SDF as well as rules for managing and maintaining the fund. It also specified the duties and responsibilities of state institutions in relation to the fund.
The purpose of the fund is to maintain trust and confidence in the state's ability to repay foreign debt, to deposit and manage foreign currency needed for debt repayment, and to arrange finances as necessary if the country faces an economic crisis.
At present, the airport development fee collected from tourists is deposited to the SDF.
