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Maldives - Debt Management Performance Assessment (DeMPA) (English)

A World Bank (WB) mission undertook an assessment of the government's debt management(DeM) capacity and institutions in Maldives during March 20-29, 2019, at the request of theMinistry of Finance (MoF). The objective of the mission was to assess the DeM strengths andareas in need of reform through the application of the Debt Management Performance Assessment (DeMPA) methodology. This is the second evaluation for Maldives; the first DeMPA was conducted by the WB in 2009. The MoF has implemented a series of public finance management reforms in legal and institutional arrangements since the last DeMPA. Treasury operations have experienced a complete overhaul, including the rolling out an Integrated Financial Management Information System (SAP) to government entities on Male~^!!^, establishment of a Treasury Single Account (TSA) and the development of cash flow forecasting procedures. The coverage of the debt management system, the CS-DRMS, has also been expanded and is now used as a central database for almost all debt obligations (excluding Islamic instruments). The DeMPA methodology, revised in 2015, provides a comprehensive set of indicators spanning the full range of DeM functions and is used for in-depth analysis of government debt management functions and institutions. The results of the assessment help the central government authority to take stock of the current DeM situation and design medium term priority reforms. The results of 2019~^!!^s assessment for Maldives demonstrate many broad-based improvements implemented in Maldives and provide highlights of pending reforms.

Details

  • Document Date

    2019/03/01

  • Document Type

    Working Paper

  • Report Number

    139771

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Maldives,

  • Region

    South Asia,

  • Disclosure Date

    2019/07/26

  • Disclosure Status

    Disclosed

  • Doc Name

    Maldives - Debt Management Performance Assessment (DeMPA)

  • Keywords

    domestic debt; public debt; loan guarantee; medium term debt management strategy; minimum requirement; external borrowing; legal framework; issuance of government security; government guarantee; access to central bank; institutional arrangement for debt; domestic debt market development; medium-term budget; gross domestic product; domestic borrowing; debt management operation; total external debt; central government debt; Cash flow forecast; current account deficit; debt sustainability analysis; international financial institution; market interest rate; state owned enterprise; total public debt; debt management function; foreign currency debt; foreign currency risk; domestic debt instrument; quality of debt; private placement; monetary policy; organizational structure; debt service costs; Public Debt Management; central government borrowing; annual borrowing plan; piece of legislation; central government authority; public sector finance; fixed interest rate; exchange rate risk; personal income tax; long term debt; retirement savings account; Public Financial Management; consumer price index; annual budget law; quality and transparency; public sector debt; quality of information; human resource management; risk of debt; business continuity plan; debt recording system; procedures for debt; government fiscal policy; segregation of duty; domestic debt stock; domestic debt statistic; management of risk; interest rate risk; number of investors; formal coordination mechanisms; international credit agency; Public Finance Management; interest rate basis; outstanding government debt; debt management system; debt service payment; total debt; contingent liability; government participation; contingent liabilities; outstanding debt; large creditor; data security; debt portfolio; sovereign bond; risk indicator; disaster recovery; cash need; market participant; financial reporting; public fund; Macroeconomic Policy; cash balance; primary deficit; outstanding amount; borrowed fund; foreign state; cash management; sustainable level; maldivian rufiyaa; risk evaluation; kuwaiti dinar; japanese yen; budget deficit; secondary legislation; reporting requirement; refinancing risk; multilateral lender; government entity; domestic security; staff capacity; international airport; tourist arrival; treasury bond; bond issue; government loan; commercial loan; domestic loan; cost decrease; fiscal risk; fiscal target; primary legislation; saudi riyal; currency composition

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Citation

Maldives - Debt Management Performance Assessment (DeMPA) (English). Debt Management Performance Assessment (DeMPA) Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/964251564149648484/Maldives-Debt-Management-Performance-Assessment-DeMPA