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Asia and Pacific > Maldives

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  • Type: Journal Issue x
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Cover IMF Staff Country Reports
Maldives: Technical Assistance Report-Financial Soundness Indicators Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance report on the Maldives discusses the findings and recommendations of financial soundness indicators (FSI) statistics mission. The mission, in collaboration with the staff of the Maldives Monetary Authority, updated the existing bridge tables to compile FSIs for deposit takers (DT) and developed new ones for insurance corporations, other financial corporations and households for reporting to IMF’s Statistics Department. The mission found that source data for compiling FSIs for DTs, and ICs are broadly adequate and generally meet the criteria established by the 2019 FSIs Guide for publication on the FSIs data portal. The commercial banks operating in Maldives have already adopted the International Financial Reporting Standard 9 (IFRS 9). The capital adequacy ratios of banks followed mainly the Basel I framework. The definitions of nonperforming loans and liquid assets are reviewed during the mission and recommendations are provided to update the definitions in line with the 2019 FSIs Guide and IFRS 9. The mission also recommends the publication of the new metadata and institutional coverage report forms accompanying the publication of FSIs.
Keywords:
Maldives; Financial Soundness Indicators; 2019 FSIs Guide; Deposit takers; Other financial corporations; Insurance Corporations; H. FSIs data; TA mission; MMA staff; FSIs Guide; FSIs coverage; Maldives pension administration office; Financial statements; Loans; Real estate prices; Financial sector
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-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: 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