{
  "title": "Maldives: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Maldives",
  "publication": "IMF Staff Country Reports, April 23, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/23/maldives-request-for-disbursement-under-the-rapid-credit-facility-press-release-staff-report-49368",
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  "summary": "This paper focuses on Maldives’ Request for Disbursement Under the Rapid Credit Facility. The pandemic is inflicting significant damage, especially on tourism activity, and is expected to result in substantial weakening of the Maldives’ gross domestic product growth, balance of payments and the fisc",
  "sections": [
    {
      "heading": "Key findings on economic impact",
      "content": "- The pandemic is inflicting significant damage, especially on tourism activity.\n- The pandemic is expected to result in substantial weakening of the Maldives’ gross domestic product growth, balance of payments and the fiscal position.\n- The government of the Maldives acted quickly to put in place containment measures and is seeking support from the international community for its crisis response plan."
    },
    {
      "heading": "Authorities' response and measures",
      "content": "- The authorities have responded quickly to the coronavirus disease 2019 outbreak, including specific travel restrictions and subsequently more comprehensive travel measures.\n- The authorities put together a set of measures to alleviate the social and economic fallout from the pandemic.\n- The temporary fiscal accommodation is appropriate.\n- The authorities will reprioritize and cut capital expenditures, redirecting funds as needed to combat the pandemic and provide temporary and well-targeted support to the most vulnerable households and businesses, while maintaining high standards of transparency and governance.\n- The authorities remain committed to fiscal and debt sustainability over the medium term.\n- The authorities intend to achieve a balanced fiscal adjustment based on:\n  - the reduction of capital spending to historical averages,\n  - recurrent expenditure discipline, and\n  - revenue mobilization."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Reprioritize and cut capital expenditures to free resources for pandemic response.\n- Provide temporary and well-targeted support to the most vulnerable households and businesses.\n- Maintain high standards of transparency and governance in the delivery of support.\n- Pursue revenue mobilization and recurrent expenditure discipline to preserve fiscal and debt sustainability over the medium term."
    },
    {
      "heading": "Subject areas and keywords (as listed)",
      "content": "- Subject: Capital spending, COVID-19, Debt sustainability, Debt sustainability analysis, Economic sectors, Expenditure, External debt, Health, Public debt, Tourism\n- Keywords: Capital spending, containment measure, COVID-19, CR, debt, debt management strategy, Debt sustainability, Debt sustainability analysis, discussion of the Maldives, financial support, financing, financing gap, fund assistance, Global, ISCR, Tourism\n\n---\n\n Content in this bundle\n\n- Executive Summary — Maldives\n  - Executive Summary — Maldives (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary — Maldives (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: April 23, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513542096.002",
    "The pandemic is inflicting significant damage, especially on tourism activity.",
    "The pandemic is expected to result in substantial weakening of the Maldives’ gross domestic product growth, balance of payments and the fiscal position.",
    "The government of the Maldives acted quickly to put in place containment measures and is seeking support from the international community for its crisis response plan.",
    "The authorities have responded quickly to the coronavirus disease 2019 outbreak, including specific travel restrictions and subsequently more comprehensive travel measures.",
    "The authorities put together a set of measures to alleviate the social and economic fallout from the pandemic.",
    "The temporary fiscal accommodation is appropriate.",
    "The authorities will reprioritize and cut capital expenditures, redirecting funds as needed to combat the pandemic and provide temporary and well-targeted support to the most vulnerable households and businesses, while maintaining high standards of transparency and governance.",
    "The authorities remain committed to fiscal and debt sustainability over the medium term.",
    "The authorities intend to achieve a balanced fiscal adjustment based on:",
    "Reprioritize and cut capital expenditures to free resources for pandemic response.",
    "Provide temporary and well-targeted support to the most vulnerable households and businesses.",
    "Maintain high standards of transparency and governance in the delivery of support.",
    "Pursue revenue mobilization and recurrent expenditure discipline to preserve fiscal and debt sustainability over the medium term.",
    "Subject: Capital spending, COVID-19, Debt sustainability, Debt sustainability analysis, Economic sectors, Expenditure, External debt, Health, Public debt, Tourism",
    "Keywords: Capital spending, containment measure, COVID-19, CR, debt, debt management strategy, Debt sustainability, Debt sustainability analysis, discussion of the Maldives, financial support, financing, financing gap, fund assistance, Global, ISCR, Tourism",
    "**Executive Summary — Maldives**"
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