The objective of the Public Financial Management Systems Strengthening Project for Maldives is to enhance budget credibility, transparency, and financial reporting of central government finances. There are three components to the project, the first component being strengthening the PFM environment. The objective of this component is to set the foundation and create an enabling environment for a sound PFM system. This component will have three subcomponents: strengthening the legislative and institutional PFM framework, enhancing the macro fiscal framework, and strengthening medium-term debt management. The second component is the strengthening budget execution. The objective of this component is to improve the efficiency of resource utilization and the credibility, comprehensiveness, and timeliness of financial reporting. There will be two subcomponents: strengthening the public accounting system, and improving the control environment. Finally, the third component is the project management. The objective of this component is to provide support to MOFT for coordination, monitoring, administration, communications, change management, financial management, and procurement of the project required for successful implementation of the project activities. The project management component will finance the costs of (a) an international management implementation support consultant and local consultants for project coordination and monitoring and evaluation (M&E) activities, (b) a FM consultant, and (c) any relevant training required to strengthen the skills of the project coordinating staff and other incremental operating costs relating to project coordination.
Details
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Document Date
2014/05/29
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Document Type
Project Appraisal Document
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Report Number
PAD742
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Volume No
1
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Total Volume(s)
1
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Country
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Region
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Disclosure Date
2014/06/10
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Disclosure Status
Disclosed
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Disclosure Type
Simultaneous Disclosure
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Doc Name
Maldives - Public Financial Management Systems Strengthening Project
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Keywords
United Nations Office for Project Services;Treasury and Public Accounts;public accounting system;Economic Stabilization and Recovery Program;Public Financial Management;public sector wage bill;Fiscal and Debt Sustainability;domestic debt market development;Goods and Service Tax;effectiveness of public spending;Management of Public Finance;broad range of stakeholders;Risks and Mitigation Measures;Business Process Review;internal audit manual;development policy credit;cash management;internal audit function;treasury single account;central government finance;standard operating procedure;technical assistance grant;Standard Bidding Documents;external audit function;budget execution report;government's reform program;financial reporting;institutional framework;central government entity;primarily due;exchange rate;budget line item;accounting of funds;internal audit position;insufficient institutional capacity;record of debt;Cash flow forecast;maternal mortality ratio;children under age;Exchange Rates;Non-Lending Technical Assistance;cash flow projection;treasury bill auction;national debt strategy;access to information;per capita income;current account deficit;public sector debt;readiness for implementation;safeguard policy;Safeguard Policies;budget preparation process;debt recording system;resource allocation decision;Managing Public Finance;risk management capacity;public financial accountability;medium-term budget framework;commitment of expenditure;Public Procurement System;Public Expenditure Management;law and regulation;Natural Resource Management;accounting and reporting;Investment Project Financing;debt sustainability analysis;national training institute;macroeconomic and fiscal;quality of debt;piece of legislation;strengthening budget execution;internal audit system;international good practice;program of support;Economy and Finance;computerized accounting system;debt portfolio review;fiscal framework;financial control;financial statement;change management;budget credibility;internal control;fiscal planning;political environment;payment arrears;interim strategy;organizational structure;procurement management;fiscal aggregate;staff turnover;
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Citation
Maldives - Public Financial Management Systems Strengthening Project (English). Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/771641468052457766/Maldives-Public-Financial-Management-Systems-Strengthening-Project