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Business and Economics > Budgeting

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Cover High-Level Summary Technical Assistance Reports
Maldives: Mainstreaming Climate Change into Public Financial and Investment Management Green PFM and Climate PIMA
Ozlem Aydin
,
Claude P Wendling
,
Bryn Welham
,
Eivind Tandberg
, and
Juana Aristizabal
An IMF Team assessed the green public financial management (PFM) practices, drawing on the IMF’s Green PFM framework, and conducted a Climate Module of the Public Investment Management Assessment (C-PIMA) in the Maldives. It identified strengths related to the recent public investment management (PIM) reforms, but also several remaining priorities along the budget and investment cycle in the Maldives that affect the efficiency, and its capacity to respond to climate change-related challenges. The mission team makes six priority recommendations in integrating climate change considerations in PFM and PIM practices, prioritized based on the country's capacity, financial resources, and ongoing reform initiatives.
Keywords:
climate change consideration; IMF team; IMF's Green PFM framework; Green PFM practice; climate Pima; Climate change; Budget planning and preparation; Public Investment Management Assessment (PIMA)
Cover IMF Staff Country Reports
Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance report discusses options to revamp the 2013 Fiscal Responsibility Act (FRA), taking into account the challenges posed by the current context in Maldives. The government has not met the FRA’s numerical targets for fiscal deficits and public debt. In order to ensure fiscal sustainability and enhance transparency, the Maldivian authorities are committed to introducing a new FRA in 2021. The Government needs firm and credible targets for debt and fiscal deficits in its debt-reduction efforts; however, past experiences of noncompliance with the numerical fiscal rules has undermined its credibility. A principles-based approach, accompanied by strong accountability requirements, would provide the authorities with the flexibility to respond to adverse macroeconomic developments. The new FRA would clearly define the specific roles of Parliament and the Auditor General in the fiscal responsibility framework. This report suggests enhancing fiscal oversight by strengthening the role of Parliament and the Auditor General. The report also identifies several areas of public financial management that should be addressed in other PFM laws for the successful implementation of the new FRA.
Keywords:
Maldivian authorities; government document; draft FRA need; documentation requirement; FRA draft; government finance statistics manual; Budget planning and preparation; Fiscal reporting; Fiscal risks; Australia and New Zealand; South Asia
Cover IMF Staff Country Reports
Maldives: Technical Assistance Report—Estimating Tax Expenditures
International Monetary Fund. Fiscal Affairs Dept.
The Maldives has identified the estimation and regular reporting of tax expenditures (TEs) as one of the top priority areas in continuing its tax modernization process. TEs are alternative policy tools (e.g., to direct transfers and other spending measures) in the form of provisions in the tax legislation that modify the tax liability of individuals or companies. The cost of TEs should be identified, measured, and publicly reported to improve transparency in fiscal management.
Keywords:
business profit Tax Expenditure; Model structure; memo item; business profit taxpayer; business profit tax data; Value-added tax; Corporate income tax; Consumption taxes; Tax allowances; Personal income tax
Cover IMF Staff Country Reports
Maldives: Technical Assistance Report-Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
Reflecting an ongoing commitment to enhancing fiscal transparency, Maldives is the first small island state, and the second country in Asia, to have undertaken a Fiscal Transparency Evaluation (FTE). The Government of the Maldives (GoM) recognizes the importance of transparency in fiscal management and in delivering on its ambitious policy agenda, while responding to current challenges within a tight fiscal environment. This report assesses fiscal transparency practices in Maldives against the first three pillars of the IMF’s Fiscal Transparency Code (FTC).
Keywords:
IMF team; FAD expert; staff team of the International Monetary Fund; Maldives pension administration office; housing development finance corporation; Budget planning and preparation; Fiscal risks; Financial statements; Global; South Asia
Cover IMF Staff Country Reports
Maldives: 2005 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives
International Monetary Fund. Asia and Pacific Dept
This 2005 Article IV Consultation with Maldives highlights that the Maldives suffered devastating damage from the December 2004 tsunami. Although human casualties were limited, damage to infrastructure has been extensive, with the cost of reconstruction estimated at nearly a half of gross domestic product. Reconstruction work has progressed slowly in 2005 but the pace is picking up. Recovery work has been slow due to insufficient coordination, problems in local consultation, and limited management capacity. The government and donors have been addressing these problems and the pace of implementation is finally accelerating. The 2006 budget is highly expansionary and threatens sustainability. The government has added to the fiscal deficit through new recruits, expansion of untargeted social programs, and a large domestically funded public investment program while using optimistic revenue projection. Fiscal reforms are of high priority. The report also explains that monetary policy should be geared to sustaining the peg arrangement based on indirect management. The objective of monetary policy should be to support the peg arrangement, which has served well as a credible nominal anchor.
Keywords:
ISCR; CR; Multi-Agency Macroeconomic Technical Committee; government; crisis risk; natural disaster assistance; staff appraisal; Maldivian authorities; announced intension; subsidy to the State Electricity Company; Budget planning and preparation; Exports; Global; South Asia
Cover IMF Staff Country Reports
Maldives: 2002 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives
International Monetary Fund. Asia and Pacific Dept
This 2002 Article IV Consultation with Maldives discusses that the performance of the Maldivian economy was strong through most of the past decade, despite handicaps arising from its small size and vulnerability to external developments. The devaluation and the weaker dollar have brought the effective real exchange rate closer to that of main competitors. Reserves have clawed back some of the losses in the aftermath of the devaluation. The 2002 Article IV discussions presented the opportunity to reassess progress toward restoring the soundness of macroeconomic and structural policies. In order to ensure a favorable medium-term performance for the Maldives, policies need to support the fixed exchange rate and adapt to ongoing structural changes—notably, the progressive liberalization of the financial sector, further private sector participation in activities still dominated by state-owned enterprises, and the likely tapering off of external assistance. The authorities have made some progress in responding to key policy challenges. Recent consultations have stressed the need for a stronger fiscal position and independent monetary management.
Keywords:
ISCR; CR; authority; financing; deficit; central bank financing; staffs appraisal; percentage points of GDP; government activity; Maldivian authorities; capital revenue; automatic resort; Exports; Global; Asia and Pacific
Cover IMF Staff Country Reports
Maldives: Technical Assistance Report-Public Investment Management Assessment
International Monetary Fund. Fiscal Affairs Dept.
This Technical Assistance Report discusses that in the Maldives, public investment trends have been influenced by a number of contextual factors including the economic dependency on tourism, the high exposure to climate change, and the recent democratization. The mission assessed the strength and quality of public investment management (PIM) in the Maldives using the IMF Public Investment Management framework, based on the three phases of the PIM cycle. The report highlights that the most significant weakness in the PIM and the wider Public Financial Management system is poor budget credibility and budget execution. However, some progress has been made in improving PIM institutions, and reforms are ongoing in a number of areas. It is imperative to strengthen the project appraisal process by developing a standard methodology for project appraisal, publishing this methodology and verifying that it is consistently applied by the line ministries. It is also important to develop a framework for ex-post evaluations and ensure that lessons learned from past projects are incorporated in revised guidelines and practices.
Keywords:
ISCR; CR; cash management; investment project; public investment; address government policy priority; budget process; capital stock; cash flow; procurement regulation; central government; General government investment; oversight body; short term; Public investment and public-private partnerships (PPP); Budget planning and preparation; Public investment spending; Capital budget; Capital spending; Asia and Pacific; Global
Cover IMF Staff Country Reports
Maldives: Action Plan for PFM Reforms Based on PEFA Assessment
International Monetary Fund
This report discusses the Action Plan for Public Financial Management (PFM) Reforms Based on PEFA Assessment for the Maldives. The purpose of the action plan is to help prioritize efforts in light of scarce resources. The recently completed Public Expenditure and Financial Accountability (PEFA) assessment indicates significant weaknesses in the PFM. Budget credibility is low, although the budget is comprehensive. Budget execution, control, procurement, accounting, and reporting are weak. External audit and legislative oversight has been lacking. Improvements are under way in many areas.
Keywords:
ISCR; CR; government; PFM; management; MMA; The MOFT; PFM system; PFM reform; reform committee; PFM action plan; government staff; oversight mechanism; reform strategy; Budget planning and preparation; Fiscal risks; Fiscal accounting and reporting; Internal audit
Cover IMF Staff Country Reports
Maldives: Public Financial Management: Performance Report
International Monetary Fund
This paper focuses on the Public Financial Management—Performance Report for the Maldives. In line with the Public Expenditure and Financial Accountability (PEFA) methodology, the assessment focuses on the fiscal performance during 2005–08, and the institutions and procedures that were in place during this period. The assessment indicates that budget credibility of Maldives is weak. When corrected for concessional, external financing, aggregate expenditure estimates are reasonably accurate. However, there are significant variations in the allocation of expenditures by ministry, and actual revenues fell well below estimates in each year except 2006.
Keywords:
ISCR; CR; budget; central government; The PAS; public finance; minister of finance; end of the month; PAS system; accounts payable; budget expenditure; PAS project; budget proposal; Budget planning and preparation; Auditing; Fiscal accounting and reporting; PFM legal and regulatory frameworks; Global
Cover IMF Staff Country Reports
Maldives: Joint Staff Advisory Note of the Poverty Reduction Strategy Paper
International Monetary Fund
The Joint Staff Advisory Note report assesses that Maldives has achieved notable development progress through sound macroeconomic management, tourism development, and public service provision improvement under the Poverty Reduction Strategy Paper (PRSP). Executive Directors emphasized the need to strengthen the fiscal policy framework, develop institutions, implement structural reforms and a realistic budget to mitigating risks, and ensure macroeconomic stability. Directors welcomed the Seventh National Development Plan, the new Poverty Reduction Strategy Paper, and stressed the need for significant efforts to ensure the successful implementation of the economic development program.
Keywords:
ISCR; CR; PRSP scenario resort; policy; GoM initiative; deficit; government; A. PRSP context; expenditure priority; development approach; GoM's effort; Natural disasters; Budget planning and preparation; Global