The seventh amendment to the Public Finance Act has come into force on 15th March 2023 after the amendment was published in the Government Gazette.

The Public Finance Act is the principal legislation governing matters such as the management of public finances, the national budgeting process, public property as well as the public procurement and tender related matters in the Maldives.

Among major changes introduced under the amendment includes formalizing the management of the Sovereign Development Fund (SDF), formally establishing a State Internal Audit Mechanism spearheaded by the Chief Internal Auditor, changes to the state procurement system by creating a new Procurement Appeals Board to hear complaints related to national tenders as well as establishing the office of the Accountant General which replaces the previous office of the State Financial Controller.