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Asia and Pacific > Maldives

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Cover Policy Papers
Eligibility to Use the Fund's Facilities for Concessional Financing, 2015
International Monetary Fund
The review of PRGT eligibility continues to be guided by the principles of maintaining a transparent, rules-based, and parsimonious framework—ensuring uniformity of treatment across members in similar situations while taking appropriate account of country-specific circumstances. The graduation policy seeks to maintain broad alignment with the World Bank’s IDA graduation practices, while also remaining consistent with the principle of ensuring the self-sustainability of the PRGT’s lending capacity over time. The paper concludes that the existing framework remains broadly appropriate, but could be enhanced in a few areas, including: Making use of additional data sources, namely the IMF BEL database, in assessing that a country has durable and substantial market access, supplementing the current reliance on the World Bank’s IDS database that is produced with a significant lag; Sharpening the specification of circumstances under which the presence of serious short-term vulnerabilities would justify non-graduation of a country that meets the income graduation criterion. This would entail limiting the application of the serious short-term vulnerabilities criterion for countries that exceed the applicable income graduation threshold by 50 percent or more.
Keywords:
PP; market; market access; income; debt; country; eligibility framework; graduation criterion; PRGT eligibility; market financing; debt vulnerability; Personal income; Debt sustainability; Debt sustainability analysis; International capital markets; Global; West Africa
Cover IMF Staff Country Reports
Maldives: 2014 Article IV Consultation—Staff Report; Press Release; and Statement by the Executive Director for the Maldives
International Monetary Fund. Asia and Pacific Dept
This 2014 Article IV Consultation highlights that Maldives’ real economy has picked up. Growth is estimated to have reached 5 percent in 2014 with stronger tourism activity driven by a rapid expansion from Asian markets and a tepid recovery from Europe. The IMF staff expects growth to be about 5 percent in 2015. Weaker import prices have pushed down inflation to low levels. Growth is expected to remain relatively strong in the near term, though the fiscal adjustment envisaged in the 2015 Budget will have a mildly negative effect on growth.
Keywords:
ISCR; CR; deficit; authority; debt ratio; finance consideration; fuel inflation; Maldives' authorities; current account; Tourism; Current account deficits; Global; Europe; South Asia
Cover IMF Working Papers
Pacific Island Countries: In Search of a Trade Strategy
Hong Chen
,
Lanieta Rauqeuqe
,
Shiu raj Singh
,
Mr. Yiqun Wu
, and
Yongzheng Yang
International trade is vital for economic prosperity in Pacific island countries, but their trade performance has been weak over the past decade with the exception of resource-rich countries. Small country size and remoteness from global economic centers may have contributed to this relatively poor performance. However, the emergence of Asia as a global economic center presents Pacific island countries with an unprecedented opportunity to develop trade with Asia, particularly in tourism for a number of PICs. Moreover, if a strong two-way linkage is established between tourism and agriculture, Pacific island countries stands a better chance to improve broad-based growth.
Keywords:
WP; PIC export; trade diversion; differentiated product; real GDP; Pacific island countries; trade; tourism; agriculture; inclusive growth; PIC merchandise import; destination PIC; PIC agriculture; PIC policymaker; export destination; trade performance; tourism product; trade growth; trade pattern; PIC economy; Exports; Imports; Comparative advantage; Trade balance; Global; Asia and Pacific; Australia and New Zealand; Pacific Islands; North America
Cover IMF Working Papers
Assessing Countries’ Financial Inclusion Standing - A New Composite Index
Mr. Alexander Massara
and
André Mialou
This paper leverages the IMF’s Financial Access Survey (FAS) database to construct a new composite index of financial inclusion. The topic of financial inclusion has gathered significant attention in recent years. Various initiatives have been undertaken by central banks both in advanced and developing countries to promote financial inclusion. The issue has also attracted increasing interest from the international community with the G-20, IMF, and World Bank Group assuming an active role in developing and collecting financial inclusion data and promoting best practices to improve financial inclusion. There is general recognition among policy makers that financial inclusion plays a significant role in sustaining employment, economic growth, and financial stability. Nonetheless, the issue of its robust measurement is still outstanding. The new composite index uses factor analysis to derive a weighting methodology whose absence has been the most persistent of the criticisms of previous indices. Countries are then ranked based on the new composite index, providing an additional analytical tool which could be used for surveillance and policy purposes on a regular basis.
Keywords:
WP; income group; factor analysis; Financial inclusion; access and usage of financial services; index; borrowers variable; a number of variable; outreach variable; cross-dimension composite index; scale invariance; household depositor; composite index value; usage variable; normalized variable; geometric mean; Public expenditure review; Personal income; Commercial banks; Global
Cover IMF Working Papers
Exchange Rate Pass Through to Prices in Maldives
Ms. Iyabo Masha
and
Mr. Chanho Park
This study examines the degree of exchange rate pass through (EPRT) into producer and consumer prices in Maldives. ERPT to consumer prices is first estimated using a nonparametric approach. A recursive vector autoregression is then used to model both consumer and producer price changes. The nonparametric estimation indicates that ERPT to consumer prices is very high, both in absolute terms and relative to other countries. The dynamics of ERPT as derived from the empirical estimation indicate that ERPT to consumer and producer prices is significant but not complete, and that the impact of exchange rate changes persists into the second year.
Keywords:
WP; consumer price; output gap; Inflation; Exchange Rate; Maldives; CPI coefficient; PPI price; exchange rate system; nontradable goods price; price development; exchange rate shock; oil price change; inflation outcome; price determination; rufiyaa exchange rate; CPI data; forecasting inflation; Exchange rate pass-through; Exchange rate adjustments; Exchange rates; Consumer price indexes; Global
Cover IMF Staff Country Reports
Maldives: Report on Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
The financial sector of the Maldives, although small and not developed, is susceptible to both money laundering and, to a lesser extent, terrorist financing. This report focuses on observance of standards and codes for the FATF-40 (Financial Action Task Force) recommendations for antimoney laundering (AML) and nine special recommendations on combating the financing of terrorism (CFT) in the Maldives. It provides a summary of the AML/CFT measures in place in the Maldives and contains recommendations on how the AML/CFT system could be strengthened.
Keywords:
ISCR; CR; offense
Cover IMF Staff Country Reports
Maldives: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
The Maldives has taken steps to lay down the foundations of an antimoney laundering and counterterrorist financing (AML/CFT) framework. This report summarizes the AML/CFT measures that were in place in the Maldives at the time of the onsite visit (October 17–28, 2010) and shortly thereafter. The report describes and analyzes these measures and offers recommendations on how to strengthen certain aspects of the AML/CFT system. It also assesses the Maldives’ level of compliance with the Recommendations of the Financial Action Task Force (FATF).
Keywords:
ISCR; CR; criminal activity; drug trafficking; terrorist financing; AML regulation; cyber crime; due diligence; criminal offense; CFT requirement; banking sector; penal code; credit card; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; South Asia; Asia and Pacific
Cover IMF Staff Country Reports
Maldives: 2010 Article IV Consultation: Staff Report; Staff Statement and Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Maldives
International Monetary Fund
Owing to severe fiscal and external imbalances, the Maldives government adopted an IMF program in 2009. Despite some crucial initial actions, fiscal slippages and political polarization have undermined the restoration of sustainability. The key policy challenge is to prevent a fiscal crisis, achieve macroeconomic sustainability, and stimulate growth. The authorities concur with the need to tighten monetary policy. The authorities have welcomed the IMF program as a useful framework to guide and reinforce their efforts to restore external balance and fiscal sustainability.
Keywords:
ISCR; CR; consultation informational annex; consultation; expenditure information point; debt; financing; staff appraisal; outturn data; data revision; Fiscal consolidation; Public and publicly-guaranteed external debt; Global; Asia and Pacific; I. fund relation; World Bank-IMF Joint Management Action Plan; Debt sustainability analysis
Cover IMF Staff Country Reports
Maldives: First Review Under the Stand-By Arrangement and the 24-Month Arrangement Under the Exogenous Shocks Facility and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criterion: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives.
International Monetary Fund
The first review of Maldives’ economic performance under the Stand-By Arrangement (SBA) and the Arrangement under the Exogenous Shocks Facility is discussed. The fiscal deficit in 2009 was estimated at 26¼ percent of GDP, 2½ percentage points lower than previously projected. The growth of monetary aggregates slowed down in line with projections. A key risk concerns the ability of the government to maintain the public sector wage cuts. A negative outcome on this would have a large fiscal impact.
Keywords:
ISCR; CR; SDR; economy; debt; monetization; executive board discussion; liquidity absorption effort; restraining expenditure; vulnerability to external shocks; deficit monetization; MMA credit; Public sector wages; Monetary base; Government debt management; 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