IMF Staff Country Reports

Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act

Publication Date:

January 14, 2022

Electronic Access:

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Summary:

The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the overall fiscal balance. The Act also sets minimum standards for fiscal transparency and accountability and requires the Government to prepare and publish medium-term fiscal and debt strategy reports.

Series:

Country Report No. 2022/010

Subject:

Budget planning and preparation Fiscal policy Fiscal reporting Fiscal risks International organization Monetary policy Public debt Public financial management (PFM)

Frequency:

regular