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Asia and Pacific > Maldives

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  • Type: Journal Issue x
  • Mathematical and Quantitative Methods x
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Cover IMF Staff Country Reports
Maldives: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives
International Monetary Fund. Asia and Pacific Dept
The 2024 Article IV Consultation highlights that despite headwinds from the war in Ukraine, the Maldives’ economic recovery from coronavirus disease 2019 pandemic has shown resilience. Real gross domestic product growth is estimated to moderate to 4.4 percent in 2023, before gradually rising to 5.2 percent in 2024. The discussions focus on comprehensive policy reforms to address fiscal vulnerabilities, stem rising balance of payments pressures, and safeguard financial stability, while supporting sustained strong and inclusive growth. Front-loaded fiscal adjustments, accompanied by tighter monetary and macroprudential policies, are urgently needed to reduce vulnerabilities and restore sustainability of public finances. Adopting macroprudential policies will help mitigate systemic risks stemming from sovereign-bank nexus. Financial sector oversight and crisis management should be further enhanced. Strengthening institutions to support climate adaptation and mitigation efforts and mobilize climate finance is crucial. Improving the business climate, addressing governance and corruption vulnerabilities, and enhancing skill developments will help support strong and inclusive growth.
Keywords:
Maldivian authorities; monetary policy coordination; tourism sector; SARTTAC mission; IMF Policy recommendation; Tourism; Debt sustainability analysis; Climate change; Global
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