Ministry of Finance has amended the Public Finance Regulations to allow the state to issue grants to individuals in need of assistance under certain conditions.
The amendment brought to the regulations says the state can issue grants to individuals in need of assistance if compensating an individual for a financial loss or hardship can be deemed a fair decision considering its community interest, or if compensating an individual benefits a significant amount of people in the community and serves a wider purpose. The amendment states the grant can only be provided under a direct order of the president or by the finance minister with permission from the president.
Furthermore, the amendment states any request submitted by a state institution to seek financial assistance must be submitted by the chief financial executive of the institution with approval from the head of the institution. The request must include the reason for seeking assistance and details of how the funds would be used.
The amendment to the Public Finance Regulations will come into effect after it is published in the gazette. The amendment was brought to assist individuals and companies facing severe financial losses due to the COVID-19 pandemic.