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Asia and Pacific > Maldives

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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