Ministry of Finance has published the policy to release funds from international parties to local councils.
The finance ministry said the funds received to local councils via agreements made by the councils and international parties will be deposited to a public account of Maldives Monetary Authority (MMA).
The finance ministry noted the funds will be deposited to council's bank account when the council submits necessary documents including a copy of the agreement and a form from MMA. The ministry said further details regarding the matter will be available from its website.
Since assuming office in November 2018, President Ibrahim Mohamed Solih has exerted major efforts to financially empower local councils. In this regard, over USD 103.49 million has been allocated in the state budget for local councils. The government has now transferred eligible amounts to all local councils.