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Maldives: First Review Under the Stand-By Arrangement and the 24-Month Arrangement Under the Exogenous Shocks Facility and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criterion: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives.
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2010: Issue 167
Language:
English
Publication Date:
11 Jun 2010
DOI:
https://doi.org/10.5089/9781455207350.002
ISBN:
9781455207350
ISSN:
1934-7685
Pages:
40
Keywords:
ISCR; CR; SDR; economy; debt; monetization; executive board discussion; liquidity absorption effort; restraining expenditure; vulnerability to external shocks; deficit monetization; MMA credit; Public sector wages; Monetary base; Government debt management; Global
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The first review of Maldives’ economic performance under the Stand-By Arrangement (SBA) and the Arrangement under the Exogenous Shocks Facility is discussed. The fiscal deficit in 2009 was estimated at 26¼ percent of GDP, 2½ percentage points lower than previously projected. The growth of monetary aggregates slowed down in line with projections. A key risk concerns the ability of the government to maintain the public sector wage cuts. A negative outcome on this would have a large fiscal impact.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund