89158 Maldives Interim Strategy Note Chair Summary ∗ June 26, 2014 The Executive Directors discussed the joint IDA/IFC/MIGA Interim Strategy Note (ISN) for Maldives for FY14-16, welcoming the collaboration among the three World Bank Group institutions and the timely support being provided to the Maldives. Directors expressed appreciation for the update on the World Bank Group’s partnership with the Maldives. They acknowledged the political volatility and distressed macroeconomic environment that the country has been facing, and noted the particular challenges the country faces as a small, multi-island, open economy. Directors underscored the importance and urgency of support on macro-fiscal issues, and encouraged further dialogue in this area. Directors commended the application of a selectivity filter to programming over the ISN period. In this regard, they welcomed the incorporation of lessons learned from the previous Country Assistance Strategy and the extensive consultations with stakeholders. In addition, they stressed the importance of analytical and advisory services to support capacity constraints. Directors particularly welcomed the emphasis on climate change and unemployment, and the focus on financial leverage and systemic impacts. Directors expressed support for plans to undertake a Systematic Country Diagnostic in the coming fiscal year, as well as the intention to advance preparation of a Country Partnership Framework if the opportunity emerged to support a full-fledged medium term government program for macroeconomic stability and sustainable growth. Directors called for a timely Country Partnership Framework to help inform considerations of future IDA 17 measures. Directors wished the authorities all success in the implementation of the ISN. *This summary is not an approved record.