Maldives Introduces Regulation on Financial Relief for Public Transactions

The Maldives’ Ministry of Finance has implemented a new regulation detailing the procedures for granting financial relief in transactions involving public institutions.

The regulation, titled Policy for Applications for Relief, Benefit, and Waiver of Payments in Relation to Transactions with Public Offices, sets out specific conditions under which financial concessions may be approved.

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Under this policy, government agencies—excluding local councils—are required to obtain presidential approval, guided by the advice of the Minister of Finance, before offering any form of financial relief.

Applications for relief must include detailed information about the relevant transaction, accompanied by supporting documents and clear justifications for the request.

In the case of local councils, financial relief can only be granted following an assessment of the potential financial impact. Councils must report their decisions to the Ministry of Local Government within seven days, with the ministry responsible for maintaining records of all such transactions.