Maldives - Public Financial Management Systems Strengthening Project (Anglais)

This additional financing (AF) for the Public Financial Management Systems Strengthening Project in the amount of US$12 million supports the Maldives’ public financial management reforms aimed at improving budget credibility and fiscal transparency. The... Voir la suite This additional financing (AF) for the Public Financial Management Systems Strengthening Project in the amount of US$12 million supports the Maldives’ public financial management reforms aimed at improving budget credibility and fiscal transparency. The AF covers a financing gap under the parent project and scales up the support to in the areas of planning and budgeting, debt and cash management, financial reporting, procurement, and State‐Owned Enterprise (SOE) monitoring and oversight.The PDO for the parent project is to enhance budget credibility, transparency, and financial reporting of central government finances.This project will support two operations under preparation: the Budget Credibility and Fiscal Sustainability Development Policy Financing operation and the Disaster Risk Management Development Policy Credit with Catastrophe Deferred Drawdown Option and Pandemic Emergency Financing Facility. Further work is needed to translate the initial reform progress into improved fiscal discipline and PFM performance.Improving the efficacy of public financial management and policy making is one of the three main objectives of the Maldives Country Partnership Framework (CPF) discussed by the WBG Board of Executive Directors on April 26, 2016.The Government has completed technical work for the revision of the legal and regulatory framework for budget formulation, public investment management, budget execution, and financial reporting.Progress has been made towards a comprehensive Medium‐Term Macro Fiscal Framework and establishment of budget ceilings based on the framework.The Government has improved the quality of financial reporting through regular reconciliation with bank statements, preparation of budget execution reports for decision‐makers, release of public expenditure information, and alignment of annual financial statement formats with international public‐sector standards.  Réduire