President Mohamed Muizzu has ratified the bill to postpone the implementation of the Fiscal Responsibility Act.

The amendment to the Fiscal Responsibility Act extends the deadline for the drafting of the Fiscal Responsibility Charter and the regulations to be made under the Act.

The Fiscal Responsibility Act, which was ratified last December and came into effect in June, requires the Fiscal Responsibility Charter to be drafted and related regulations to be gazetted within six months law coming into force. The deadline expires tomorrow.

The bill moved by Hura MP Anara Naeem proposed to change the period to 24 months. This means the Fiscal Responsibility Charter will now have to be drafted and gazetted by December 3, 2026.