{
  "title": "Maldives: 2009 Article IV Consultation: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives",
  "publication": "IMF Staff Country Reports, January 29, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/maldives-2009-article-iv-consultation-staff-report-staff-supplements-public-information-23583",
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  "summary": "This paper examines the Maldives’ 2009 Article IV Consultation on economic developments and policies. The Maldivian economy is facing large external and fiscal imbalances, resulting from the severe impact of the global financial crisis and exacerbated by an unsustainable fiscal expansion.",
  "sections": [
    {
      "heading": "Key findings and assessment",
      "content": "- The Maldivian economy is facing large external and fiscal imbalances.\n- Imbalances result from the severe impact of the global financial crisis and are exacerbated by an unsustainable fiscal expansion.\n- The global crisis led to:\n  - sharp declines in tourism and related investment,\n  - sharp declines in other net capital flows,\n  - sharp declines in exports.\n- These external shocks caused a significant fall in fiscal revenue while public spending increased substantially, pushing the economy into recession.\n- A rising share of the resulting fiscal deficit has been financed by monetization."
    },
    {
      "heading": "Economic developments highlighted",
      "content": "- Tourism and related investment experienced sharp declines following the global financial crisis.\n- Other net capital flows and exports also declined sharply, contributing to the external imbalance.\n- The combined effect of falling revenues and higher public spending produced a recessionary outcome."
    },
    {
      "heading": "Fiscal dynamics and financing",
      "content": "- Fiscal revenue fell significantly as a result of the external shock.\n- Public spending had increased substantially prior to or during the crisis, described as an unsustainable fiscal expansion.\n- A growing portion of the fiscal deficit was financed through monetization."
    },
    {
      "heading": "Thematic tags and focus areas (as provided)",
      "content": "- Subject: Civil service, Expenditure, External debt, Fiscal consolidation, Fiscal policy, Foreign exchange, Labor, Public debt\n- Keywords: Civil service, CR, debt service, deficit, financing, Fiscal consolidation, GDP, Global, government, IFC assistance program, IMF facility, ISCR, Maldivian economy, policy support\n\nMaldives: 2009 Article IV Consultation: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives\n\n---\n\n Content in this bundle\n\n- cr1028\n  - cr1028 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1028 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 29, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451825534.002",
    "The Maldivian economy is facing large external and fiscal imbalances.",
    "Imbalances result from the severe impact of the global financial crisis and are exacerbated by an unsustainable fiscal expansion.",
    "The global crisis led to:",
    "These external shocks caused a significant fall in fiscal revenue while public spending increased substantially, pushing the economy into recession.",
    "A rising share of the resulting fiscal deficit has been financed by monetization.",
    "Tourism and related investment experienced sharp declines following the global financial crisis.",
    "Other net capital flows and exports also declined sharply, contributing to the external imbalance.",
    "The combined effect of falling revenues and higher public spending produced a recessionary outcome.",
    "Fiscal revenue fell significantly as a result of the external shock.",
    "Public spending had increased substantially prior to or during the crisis, described as an unsustainable fiscal expansion.",
    "A growing portion of the fiscal deficit was financed through monetization.",
    "Subject: Civil service, Expenditure, External debt, Fiscal consolidation, Fiscal policy, Foreign exchange, Labor, Public debt",
    "Keywords: Civil service, CR, debt service, deficit, financing, Fiscal consolidation, GDP, Global, government, IFC assistance program, IMF facility, ISCR, Maldivian economy, policy support",
    "**_cr1028**"
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