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Asia and Pacific > Maldives

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Cover IMF Staff Country Reports
Maldives: 2001 Article IV Consultation-Staff Report; and Statement by the Executive Director for Maldives
International Monetary Fund. Asia and Pacific Dept
This 2001 Article IV Consultation with Maldives highlights that the economic challenges faced by Maldives are strongly influenced by geography and environment. The government’s overarching development strategy consists of creating new growth centers in the north and the south of the country and massive land reclamation in the vicinity of Male. Notwithstanding a slowdown in growth in 2000, Maldives’ economy has prospered with the rapid expansion of tourism and the modernization of the fisheries. At the conclusion of the last Article IV consultation on November 9, 2000, Executive Directors praised Maldives’ overall performance, however, warned of emerging imbalances. Fiscal slippage, compounded by adverse external developments, has been the main cause of recent imbalances in the Maldivian economy, manifested in rapid monetary expansion and sustained pressure on the exchange rate. The report shows that monetary developments have been dominated by central bank financing of fiscal deficits and excess demand for foreign exchange. The IMF staff team concluded that an adjustment of the exchange rate was not warranted until other options had been explored more fully.
Keywords:
ISCR; CR; exchange rate; right; devaluation; exchange rate policy; U.S. dollar; tuna market; rufiyaa devaluation; monetary management system; Currency markets; Exchange rates; Real effective exchange rates; South Asia; Europe; Global
Cover IMF Working Papers
Patterns of Shocks and Regional Monetary Cooperation in South Asia
Nephil Matangi Maskay
The member states of the South Asian Association for Regional Cooperation have set as a target the achievement of an economic union by 2020. Reaching this goal will require greater levels of monetary cooperation. How should this be achieved? Data from South Asia suggest that member states have minor trade linkages and face asymmetrical patterns of shocks. This paper concludes that, absent a clear road map for monetary cooperation, the present process must be structured so as to be harmonized with the level of regional economic integration.
Keywords:
WP; exchange rate; India; SAARC member states; SAARC trade; South Asia; shocks; regional monetary cooperation; SAARC member country; SAARC website; SAARC home page; SA region; Exchange rates; Monetary unions; Currencies; Inflation