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Maldives: Developing a Legal, Policy and Operational Framework for the Sovereign Development Fund
Author:
Mr. Sandeep Saxena
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,
Trevor A Lessard
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,
Ms. Marie-Helene Le Manchec
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,
John Gardner
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Martin Marcone
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Alissa Ashcroft
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Series:
High-Level Summary Technical Assistance Reports
Volume/Issue:
Volume 2023: Issue 009
Language:
English
Publication Date:
08 Aug 2023
DOI:
https://doi.org/10.5089/9798400251917.029
ISBN:
9798400251917
ISSN:
2959-4103
Pages:
4
Keywords:
Sovereign Wealth Funds; Debt Management; Public Financial Management; Legal Frameworks
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This High-Level Summary technical assistance report focuses on developing a legal, policy and operational framework for the sovereign development fund (SDF) in Maldives. Until the fiscal situation in Maldives improves, the SDF could continue to usefully serve the twin objectives of external debt repayment and credit enhancement. It has helped boost investor confidence, enabling Maldives continued access to international financial markets, and come in handy for liquidity management during the pandemic. Decisions are required on the size of the SDF, the treatment of any excess inflows, and the application of the Fund’s balance upon its liquidation. While the fund size of a sinking fund would correspond to the underlying debt, a credit enhancement objective would consider a combination of factors, such as market conditions, credit standing, liabilities covered by the fund, and the medium-term debt strategy. A strong governance framework would enhance the legitimacy, performance, and accountability of the IMF.
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Cover High-Level Summary Technical Assistance Reports
High-Level Summary Technical Assistance Reports
ISSN:
2957-658X
Publisher:
International Monetary Fund