President Dr Mohamed Waheed has today ratified the Second Amendment Bill to Public Finance Act (Act 3/2006) passed by the People’s Majlis on December 17, 2012. Following the ratification the Second Amendment Act to State Finance Act has been published in the government gazette today.
The amendment was brought to Article 32 (a) of the Public Finance Act. Following this amendment, the annual state budget must be submitted to the People’s Majlis at least two months before the start of the fiscal year.