Minister of Finance Ibrahim Ameer has revealed efforts are underway to arrange ways to issue sovereign guarantee under the Decentralisation Act for projects conducted by local councils.
Speaking at the Thiladhunmathi Iruvai Conference held at Kulhudhuffushi City, Finance Minister Ameer spoke on the financial assistance to be provided to the local councils. He noted projects worth under USD 323,000 can be tendered by local councils under the Decentralisation Act.
The finance minister noted efforts are underway to grant sovereign guarantee for the projects assigned by the administration to be conducted by the councils. The minister expressed the main aim is to enhance the financial stability of the citizens and to introduce a mechanism to empower councils. He said the finance ministry will work to issue sovereign guarantee should the councils require more funds than the amount issued by the administration to conduct the projects.