IMF Staff Country Reports

Maldives: First Review Under the Stand-By Arrangement and the 24-Month Arrangement Under the Exogenous Shocks Facility and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criterion: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives.

June 11, 2010

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Maldives: First Review Under the Stand-By Arrangement and the 24-Month Arrangement Under the Exogenous Shocks Facility and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criterion: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives., (USA: International Monetary Fund, 2010) accessed September 18, 2024

Summary

The first review of Maldives’ economic performance under the Stand-By Arrangement (SBA) and the Arrangement under the Exogenous Shocks Facility is discussed. The fiscal deficit in 2009 was estimated at 26¼ percent of GDP, 2½ percentage points lower than previously projected. The growth of monetary aggregates slowed down in line with projections. A key risk concerns the ability of the government to maintain the public sector wage cuts. A negative outcome on this would have a large fiscal impact.

Subject: Banking, External debt, Foreign exchange, Government debt management, Labor, Monetary base, Money, Public financial management (PFM), Public sector wages

Keywords: CR, Debt, Deficit monetization, Economy, Executive board discussion, Global, Government debt management, ISCR, Liquidity absorption effort, MMA credit, Monetary base, Monetization, Public sector wages, Restraining expenditure, SDR, Vulnerability to external shocks

Publication Details

  • Pages:

    40

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2010/167

  • Stock No:

    1MDVEA2010004

  • ISBN:

    9781455207350

  • ISSN:

    1934-7685

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