World Bank2013-11-062013-11-062009-10https://hdl.handle.net/10986/16231From October 19 to 27, 2009, a World Bank team in collaboration with the Commonwealth Secretariat undertook a debt management performance assessment of the Government of the Republic of Maldives (GRM). The objective was to undertake a comprehensive assessment of debt management functions using the Debt Management Performance Assessment tool (DeMPA), version of November 2008. As part of the assessment, the team met relevant officials dealing with public debt management in Maldives from the Ministry of Finance and Treasury (MOFT), the Maldives Monetary Authority (MMA), the Attorney General, the Auditor General's office, the National Disaster Management Centre, Capital Markets Development Authority, the State Bank of India and the Bank of Maldives. The assessment for Maldives was timely. The current situation shows moderately high government debt levels (around 55 percent of GDP) with sustainability indicators reflecting vulnerabilities (at current trajectory of primary deficit, the International Monetary Fund (IMF) article four report estimated debt levels would reach 75 percent of GDP by 2013). The recently concluded Public Expenditure and Financial Accountability (PEFA) findings highlighted areas for improvement relating to budget execution and credibility, audit and legislative oversight, cash management and the Treasury Single Account (TSA), and monitoring and managing fiscal risks.en-USCC BY 3.0 IGOACCOUNTINGADVISORY SERVICESAMORTIZATIONAMORTIZATIONSAPPROVAL PROCEDUREAUCTIONAUCTIONSBALANCE OF PAYMENTSBANK ACCOUNTBANK ACCOUNTSBANK LOANSBANKERBANKING CORPORATIONBIDSBOOK ENTRYBOOK ENTRY SYSTEMBOOK-ENTRYBORROWING PLANBORROWING PLANSBORROWING STRATEGYBUDGETBUDGETINGCAPACITY BUILDINGCAPACITY CONSTRAINTSCAPITAL MARKETSCAPITAL MARKETS DEVELOPMENTCASH BALANCECASH BALANCESCASH FLOWCASH FLOWSCASH MANAGEMENTCDSCENTRAL BANKCENTRAL DEPOSITORYCENTRAL DEPOSITORY SYSTEMCENTRAL GOVERNMENT DEBTCHECKCLEARING HOUSECOMMERCIAL BANKSCOMMERCIAL BORROWINGCOMMERCIAL LOANSCOMMERCIAL TERMSCONFLICT OF INTERESTCONTINGENT LIABILITIESCONTRACTSCONVERSIONCREDIBILITYCREDITCREDIT ASSESSMENTCREDIT RISKCREDIT RISK ASSESSMENTCREDIT RISK ASSESSMENTSCREDITORCREDITORSCSCURRENCIESCURRENCYCURRENCY COMPOSITIONDEBTDEBT BURDENDEBT CAPITALDEBT DATADEBT INTERESTDEBT LEVELSDEBT MANAGEMENTDEBT MANAGEMENT POLICIESDEBT MARKET DEVELOPMENTDEBT MARKETSDEBT POLICYDEBT SERVICEDEBT SERVICE PAYMENTSDEBT SERVICINGDEBT TRANSACTIONSDEBTORDEBTOR REPORTING SYSTEMDEFICITDEFICIT FINANCINGDERIVATIVESDEVELOPMENT BANKDISASTER RECOVERYDISBURSEMENTDISBURSEMENTSDISCLOSURE OF INFORMATIONDIVERSIFICATIONDOMESTIC BORROWINGDOMESTIC CURRENCYDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC MARKETDOMESTIC MARKETSDUE DILIGENCEECONOMIC CRISISECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC POLICYEMERGENCY SITUATIONENTERPRISEENTERPRISESEQUIPMENTEXCHANGEEXCHANGE RATEEXCHANGE RATESEXPENDITUREEXPENDITURESEXTERNAL BORROWINGEXTERNAL BORROWINGSEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL SHOCKSFINANCEFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCING NEEDSFINANCING REQUIREMENTFISCAL DEFICITFISCAL POLICYFOREIGN CURRENCYFOREIGN DEBTFOREIGN LOANSFUTUREFUTURE CASH FLOWSGOVERNMENT ACCOUNTSGOVERNMENT BANKGOVERNMENT BONDGOVERNMENT BONDSGOVERNMENT BORROWINGSGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT FUNDINGGOVERNMENT GUARANTEESGOVERNMENT SECURITIESGRANTGUARANTEEGUARANTEE FEEHOLDINGSHUMAN RESOURCEINFLATIONINFLATION RATEINFORMATION TECHNOLOGYINSTRUMENTINSTRUMENTSINTERESTINTEREST PAYMENTSINTEREST RATEINTEREST RATESINTERNAL AUDITISSUANCEISSUANCE OF GUARANTEESISSUANCE OF TREASURY BILLSISSUANCESLACK OF ACCESSLEGAL FRAMEWORKLENDERLENDERSLENDINGLEVEL OF DEBTLIQUIDITYLOANLOAN AGREEMENTLOAN AGREEMENTSLOAN CONTRACTLOAN COVENANTSLOAN DATALOAN GUARANTEELOAN GUARANTEESLOANSLOCAL CURRENCYMACROECONOMIC POLICIESMARKET BORROWINGMARKET PARTICIPANTSMATERNITY LEAVEMATURITIESMATURITYMATURITY MISMATCHESMONETARY AUTHORITIESMONETARY AUTHORITYMONETARY POLICYNATIONAL DEBTOPEN MARKETOUTSTANDING BALANCEOUTSTANDING DOMESTIC DEBTOVERDRAFTOVERDRAFT FACILITYPAYMENT ORDERSPAYMENT SYSTEMPENSIONPENSION SYSTEMPEOPLEPORTFOLIOPRICE STABILITYPROMISSORY NOTESPROPERTYPUBLIC BANKPUBLIC DEBTPUBLIC DEBT MANAGEMENTPUBLIC DEBT STOCKPUBLIC FINANCEPUBLIC FINANCESPUBLIC SECTOR DEBTRECEIPTREGISTRY SYSTEMREPAYMENTREPAYMENT SCHEDULESREPAYMENTSREPOREPO FACILITYREPOSRETURNREVENUEREVENUESRISK MANAGEMENTSECONDARY MARKETSECONDARY MARKET TRANSACTIONSSECURITIESSECURITYSHARESHARESSHORT-TERM BORROWINGSOURCE OF FUNDSSOVEREIGN GUARANTEESSTATE BANKSTATUTORY REQUIREMENTSTOCKSTOCK EXCHANGET-BILLST-BONDSTECHNICAL ASSISTANCETOTAL DEBTTRANSACTIONSTRANSPARENCYTREASURYTREASURY BILLTREASURY BILL RATETREASURY BONDSTURNOVERUSE OF DERIVATIVESVALUATIONVARIABLE RATEVOUCHERVOUCHERSWorld Bank10.1596/16231