On 15 March 2023, the seventh amendment to the Public Finance Act (Law No. 3/2006) was ratified. 

The amendment seeks to strengthen the procedure for obtaining new loans, granting guarantees, dispensing special aid from public funds, monitoring public finances, and formulating the state budget.

New guidelines have been introduced to manage the Sovereign Development Fund (section 30) and public procurement mechanisms (section 7). 

Furthermore, revisions to section 18 have mandated the minister to maintain records of various upcoming public funds, including: 

1. 1. Consolidated Revenue Fund, 
   2. Loans and Capital Works Fund, 
   3. Advance Fund, 
   4. Trust Fund, and 
   5. Sovereign Development Fund.

Additionally, Section 30 elaborates on how a custodial account can be established at the Maldives Monetary Authority (MMA). This custodial account is made to provide a Sovereign Development Fund with the primary goal of investing, paying off state debts and to increase the revenue of the state. 

Further, according to section 44-1, it is compulsory to establish an internal audit system. This further requires the creation of an internal audit committee comprising seven members to supervise and manage the implementation of the internal audit system. The Chief Internal Auditor is responsible for planning and conducting all aspects of the internal audit system referred to in Article 1-44 of the amendment.