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Asia and Pacific > Maldives

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Cover Technical Notes and Manuals
Gender and Revenue Administration: Principles and Practices
Ms. Katherine Baer
,
Ms. Margaret Cotton
,
Elizabeth Gavin
,
Cindy Negus
, and
Katrina R Williams
This technical note provides an overview of current issues and ideas that revenue administrations can consider regarding gender equality. It discusses the interactions between revenue administrations and gender equality and explores how revenue administrations can administer gender-sensitive tax laws effectively and apply a gender lens when administering tax or trade laws with a view to reducing barriers for women’s employment, entrepreneurship, and trade. It also provides practical considerations for a revenue administration in building gender perspectives in reform plans and shares several examples that highlight targeted measures that have led to positive outcomes in several countries.
Keywords:
fiscal reform; gender equality; gender-sensitive tax laws; inclusive growth; revenue administration; revenue recovery; sustainable growth; gender lens; sex discrimination-law; administering tax; staff distribution; administration staff; Women; Gender inequality; Gender diversity; Sub-Saharan Africa
Cover IMF Staff Country Reports
Bangladesh: Selected Issues
International Monetary Fund. Asia and Pacific Dept
Selected Issues
Keywords:
RMG industry; FDI inflow; health spending efficiency; Bangladesh labor force; TFP growth loss; Climate change; Climate finance; COVID-19; Exports; Global; South Asia; Total factor productivity
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: 2012 Article IV Consultation-Public Information Notice; Staff Report; and Statement by the Executive Director for Maldives
International Monetary Fund. Asia and Pacific Dept
This 2012 Article IV Consultation with Maldives discusses that fiscal position is weak, and its external reserves are critically low. The country has a long history of fiscal and external imbalances. Macroeconomic policies need adjustment. The authorities have taken important steps in the 2013 budget to reduce the fiscal deficit, but further consolidation is needed, both to ensure debt sustainability and to strengthen the balance of payments. That latter goal would be aided by devaluation, combined with a restrictive incomes and subsidy policy, which would address the current overvaluation of the rufiyaa and help to curb imports. Monetary tightening would help to prevent the need for a further devaluation. Financial supervision, particularly with regard to the state bank, also needs strengthening. Given the track record, a Staff Monitored Program could be the appropriate starting point for any renewed engagement, however, in order to begin discussions, there would need to be a clear commitment on the authorities’ part to implementing a comprehensive set of policy adjustments.
Keywords:
ISCR; CR; deficit; Maldives economy; dollar; devaluation; exchange rate; MMA liability; targeted social assistance scheme; wage growth; financing climate; Imports; Tourism; Global; East Asia; South Asia; Europe
Cover IMF Staff Country Reports
Maldives: 2007 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 discusses that Maldives has rebounded strongly from the tsunami of late 2004. Gross domestic product has grown rapidly, underpinned by a robust increase in tourist arrivals, and by construction activity pertaining to the development of new resorts. Inflation remains low although it is on a rising trend. The exchange rate peg continues to serve the country well. The main challenge for Maldives is to ensure that favorable growth prospects are not undermined by fiscal excesses and consequent macroeconomic instability. The IMF staff urged the authorities to prioritize expenditures in line with more realistic revenue estimates, so as to achieve the stated objective of zero domestic financing of the budget. There has been a recent increase in debt ratios due to construction of new resorts and the government’s ambitious infrastructure program. The new central bank act has separated the positions of finance minister and governor of the central bank and reorganized the governing body of the central bank. Going forward it will be important to entrench central bank independence.
Keywords:
ISCR; CR; government; deficit; staff assessment; fiscal policy; debt service; Maldivian authorities; Maldives economy; dollar peg; Tourism; South Asia; Global
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: 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 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 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: 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