The Tourism Ministry has published rules for the Tourism Trust Fund, which was formed under recent changes to the Tourism Act.
The Tourism Trust Fund was established to provide financial assistance to the tourism sector and to establish a system to manage such assistance.
According to the ministry, this is an important step taken by the government to maintain the quality of the tourism industry.
The rules include how the fund will be used. The fund receives sponsorship and other funds from the ministry, corporate social responsibility (CSR) payments from tourism businesses, fund investments and training funds when resorts are leased.
The Tourism Trust Fund is managed by the ministry as determined by the Trust Fund Committee. This committee is required to administer the fund in accordance with its trust statement.
The Tourism Trust Fund Committee should have seven members. The seven members are appointed from the:
- President's Office
- Ministry of Tourism
- Ministry of Finance
- Ministry of Economic Affairs
- Office of the Attorney General
- Ministry of Housing
- Maldives Inland Revenue Authority (MIRA)
The committee members are chosen by the Tourism Ministry and the committee is chaired by the Minister of Tourism. Members of this committee are appointed for a term of five years.
- Contributions to this fund are used:
- For activities to develop the tourism industry
- Invest in tourism facilities
- To conduct education and training programs for people in the tourism sector
- For general fund-raising social activities
A report containing the financial records of the fund shall be prepared at the end of each financial year and submitted to the President's Office, Parliament, the Auditor General and the Ministry of Finance within three months.
