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Tourism Ministry outlines spending guidelines for Tourism Trust Fund
05 Aug 2025
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A tourist facility in The Maldives-- Photo: Allianz
The Ministry of Tourism and Environment has published new regulations in the Government Gazette detailing how funds from the Tourism Trust Fund may be used, following recent legislative changes to the Public Finance Act.
The Tourism Trust Fund was established after the dissolution of the former Tourism Industry Trust Fund, with President Dr Mohamed Muizzu ratifying the amendment on 19 March 2025. All assets from the previous fund have now been transferred to the new fund.
According to the Ministry, the purpose of the fund is to provide transparent and accountable financial support for the sustainable development of the tourism sector while delivering long-term benefits to the Maldivian people.
The fund may be used for the following purposes:
- Development activities in the tourism industry
- Investment in tourism-related infrastructure and resources
- Education and training programmes to strengthen the sector’s workforce
- Social welfare initiatives
- Any expenditure aligned with the fund’s official statement
The fund's capital will be sourced from four main categories:
- Sponsorships and financial contributions from domestic and international sources
- Corporate Social Responsibility (CSR) contributions from tourism operators as mandated by the Tourism Act
- Investment returns generated by the fund
- Funds allocated through public tenders for training
A seven-member committee will be appointed to oversee fund management, comprising representatives from:
- The President’s Office
- Ministry of Tourism and Environment
- Ministry of Finance and Planning
- Ministry of Economic Development and Trade
- Attorney General’s Office
- Ministry of Construction, Housing and Infrastructure
- Maldives Inland Revenue Authority (MIRA)
The Ministry of Tourism will manage the fund based on the Trust Statement and under the guidance of the Fund Management Committee. Additionally, the Ministry is required to submit an annual report and audited financial statements to the President, Parliament, the Ministry of Finance, and the Auditor General’s Office within three months of the fiscal year-end. The Auditor General must audit and forward the report to Parliament within two months of receipt.
The new regulation is expected to ensure that resources in the tourism sector are used effectively, transparently, and with direct benefit to the Maldivian economy and people.
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