Maldives - Pension and Social Protection Administration

Abstract*

The development objective of the Pension and Social Protection Administration Project for Maldives is to support the establishment of a new pension authority and strengthening capacity at existing institutions of the recipient in order to effectively implement a new pension system and to provide a platform for additional social protection programs. There are two components to the project. The first component of the project is strengthening capacity... Show More

Development Objective

Revised PDO: to support the implementation of the National Pension Act, to strengthen institutional capacity of key agencies responsible for implementing the National Pension Act, and to develop the processes and platforms required for the delivery of social protection programs.

Key Details

Project Details

Project ID
P104743
Status
Closed
Team Leader
Changqing Sun
Borrower 2
Government of Maldives

Country
Maldives
Disclosure Date
August 14, 2007
Approval Date
(as of board presentation)
May 12, 2009
Effective Date
October 22, 2009

Total Project Cost 1
US$ 3.80 million
Implementing Agency
Ministry of Finance and Treasury,Maldives Pension Administration Office,National Social Protection Agency
Region
South Asia
Fiscal Year 3
2009

Commitment Amount
US$ 3.80 million
Environmental Category
C
Environmental and Social Risk
Not Applicable
Closing Date
June 30, 2015

Last Stage Reached
BANK APPROVED
Last Update Date
July 20, 2023

Associated Projects
P125700

Notes
1. Total project cost includes funding from World Bank and non-bank sources in US$ millions. Active and Closed projects show current commitments. Proposed (pipeline) and dropped projects show the forecast amount. The commitment amount for projects in the pipeline is indicative and may be modified during the project preparation.
2. Borrower refers to the Borrower of a Loan or Recipient of a Grant.
3. ”Fiscal Year” is the fiscal year in which the project was approved (or dropped if the status is dropped). The World Bank's fiscal year is from July 1 - June 30. For example, a fiscal year of 1996 corresponds to July 1, 1995 - June 30, 1996.

Sectors

Themes

FY17 - Public Sector Management

FY17 - Public Administration49%
- FY17 - Administrative and Civil Service Reform49%

FY17 - Social Development and Protection

FY17 - Social Protection51%
- FY17 - Social Insurance and Pensions51%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Credit	3.80

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	3.80
IBRD + IDA Commitment	3.80

Lending Instrument
Grant Amount	N/A
Total Project Cost**	3.80

Summary Status of World Bank Financing (US$ Millions) as of July 31, 2025

No data available.

Detailed Financial Activity as of July 31, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Mar 15, 2016	IDA-46110	Int Charges	124.04
Oct 30, 2014	IDA-H6940	Loan Disb	382,296.16
Oct 1, 2013	IDA-46110	Loan Disb	530,446.44
Oct 30, 2013	IDA-H6940	Loan Disb	365,193.44
Sep 15, 2013	IDA-46110	Int Charges	257.42
Sep 15, 2013	IDA-46110	Int Charges	257.42
Sep 15, 2013	IDA-46110	Int Charges	12,184.07
Sep 15, 2013	IDA-46110	Int Charges	12,184.07
Oct 30, 2013	IDA-H6940	Loan Disb	1,344,495.00
Feb 3, 2014	IDA-H6940	Loan Disb	872,689.44
Mar 15, 2014	IDA-46110	Int Charges	170.76
Mar 15, 2014	IDA-46110	Int Charges	170.76
Mar 15, 2014	IDA-46110	Int Charges	14,775.69
Mar 15, 2014	IDA-46110	Int Charges	14,775.69
Sep 15, 2023	IDA-46110	Loan Repay	601.86
Sep 15, 2023	IDA-46110	Loan Repay	33,671.13
Sep 15, 2023	IDA-46110	Int Charges	11,824.17
Sep 15, 2023	IDA-46110	Int Charges	11,824.17
Mar 15, 2024	IDA-46110	Loan Repay	1,251.08
Mar 28, 2024	IDA-46110	Loan Repay	33,152.00
Mar 28, 2024	IDA-46110	Int Charges	11,737.45
Mar 28, 2024	IDA-46110	Int Charges	11,737.45
Jun 2, 2011	IDA-H6940	Loan Commitment	12,000,000.00
May 12, 2009	IDA-46110	Loan Commitment	3,800,000.00
Mar 15, 2020	IDA-46110	Loan Repay	35,404.34
Mar 15, 2020	IDA-46110	Int Charges	13,297.40
Mar 15, 2020	IDA-46110	Int Charges	13,297.40
Mar 15, 2020	IDA-46110	Loan Repay	413.48
Sep 15, 2019	IDA-46110	Loan Repay	28.86
Sep 15, 2019	IDA-46110	Loan Repay	35,659.26
Sep 15, 2019	IDA-46110	Int Charges	13,383.05
Sep 15, 2019	IDA-46110	Int Charges	13,383.05
Sep 15, 2020	IDA-46110	Loan Repay	117.61
Sep 15, 2020	IDA-46110	Loan Repay	36,700.28
Sep 15, 2020	IDA-46110	Int Charges	12,597.26
Sep 15, 2020	IDA-46110	Int Charges	12,597.26
Mar 15, 2021	IDA-46110	Int Charges	941.10
Mar 15, 2021	IDA-46110	Int Charges	941.10
Mar 15, 2021	IDA-46110	Loan Repay	37,125.61
Mar 15, 2021	IDA-46110	Int Charges	13,504.45
Mar 15, 2021	IDA-46110	Int Charges	13,504.45
Sep 15, 2021	IDA-46110	Loan Repay	430.32
Sep 15, 2021	IDA-46110	Loan Repay	36,630.83
Sep 15, 2021	IDA-46110	Int Charges	13,291.85
Sep 15, 2021	IDA-46110	Int Charges	13,291.85
Mar 15, 2022	IDA-46110	Int Charges	12,770.91
Mar 15, 2022	IDA-46110	Int Charges	12,770.91
Mar 15, 2022	IDA-46110	Int Charges	48.57
Mar 15, 2022	IDA-46110	Int Charges	48.57
Mar 15, 2022	IDA-46110	Loan Repay	35,848.22
Mar 15, 2023	IDA-46110	Loan Repay	506.16
Mar 15, 2023	IDA-46110	Loan Repay	34,092.22
Sep 15, 2016	IDA-46110	Int Charges	100.70
Sep 15, 2016	IDA-46110	Int Charges	100.70
Mar 15, 2017	IDA-46110	Int Charges	60.48
Mar 15, 2017	IDA-46110	Int Charges	60.48
Mar 15, 2017	IDA-46110	Int Charges	13,153.34
Mar 15, 2017	IDA-46110	Int Charges	13,153.34
Mar 15, 2018	IDA-46110	Int Charges	331.66
Mar 15, 2018	IDA-46110	Int Charges	331.66
Mar 15, 2018	IDA-46110	Int Charges	13,961.03
Mar 15, 2018	IDA-46110	Int Charges	13,961.03
Sep 15, 2017	IDA-46110	Int Charges	13,535.52
Sep 15, 2017	IDA-46110	Int Charges	13,535.52
Sep 15, 2017	IDA-46110	Int Charges	16.15
Sep 15, 2017	IDA-46110	Int Charges	16.15
Sep 15, 2018	IDA-46110	Int Charges	195.82
Sep 15, 2018	IDA-46110	Int Charges	195.82
Sep 15, 2018	IDA-46110	Int Charges	13,663.83
Sep 15, 2018	IDA-46110	Int Charges	13,663.83
Mar 15, 2019	IDA-46110	Int Charges	6.98
Mar 15, 2019	IDA-46110	Int Charges	6.98
Mar 15, 2019	IDA-46110	Int Charges	13,570.08
Mar 15, 2019	IDA-46110	Int Charges	13,570.08
Sep 11, 2014	IDA-H6940	Loan Disb	194,938.90
Sep 15, 2014	IDA-46110	Int Charges	155.33
Sep 15, 2014	IDA-46110	Int Charges	155.33
Sep 15, 2014	IDA-46110	Int Charges	14,616.62
Sep 15, 2014	IDA-46110	Int Charges	14,616.62
Sep 11, 2014	IDA-H6940	Loan Disb	577,936.94
Mar 15, 2015	IDA-46110	Int Charges	446.48
Mar 15, 2015	IDA-46110	Int Charges	12,914.55
Mar 15, 2015	IDA-46110	Int Charges	12,914.55
Mar 5, 2015	IDA-H6940	Loan Disb	2,167,870.20
Mar 15, 2015	IDA-46110	Int Charges	446.48
Oct 29, 2015	IDA-H6940	Loan Disb	195,041.00
Oct 29, 2015	IDA-H6940	Loan Disb	-347.58
Sep 15, 2015	IDA-46110	Int Charges	551.91
Sep 15, 2015	IDA-46110	Int Charges	551.91
Sep 15, 2015	IDA-46110	Int Charges	13,069.43
Sep 15, 2015	IDA-46110	Int Charges	13,069.43
Oct 29, 2015	IDA-H6940	Loan Disb	-373,563.70
Oct 31, 2015	IDA-46110	Loan Cancel	1,453.67
Oct 31, 2015	IDA-H6940	Loan Cancel	1,889,191.10
Mar 15, 2023	IDA-46110	Int Charges	12,066.23
Mar 15, 2023	IDA-46110	Int Charges	12,066.23
Sep 15, 2022	IDA-46110	Loan Repay	1,008.05
Sep 15, 2022	IDA-46110	Loan Repay	32,646.13
Sep 15, 2022	IDA-46110	Int Charges	11,863.11
Sep 15, 2022	IDA-46110	Int Charges	11,863.11
Mar 15, 2016	IDA-46110	Int Charges	124.04
Mar 15, 2016	IDA-46110	Int Charges	13,483.31
Mar 15, 2016	IDA-46110	Int Charges	13,483.31
Sep 15, 2016	IDA-46110	Int Charges	13,584.81
Sep 15, 2016	IDA-46110	Int Charges	13,584.81

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Financial Management	Satisfactory	2015-06-25
Monitoring and Evaluation	Satisfactory	2015-06-25
Overall Implementation Progress (IP)	Satisfactory	2015-06-25
Progress towards achievement of PDO	Moderately Satisfactory	2015-06-25
Project Management	Satisfactory	2015-06-25
Procurement	Satisfactory	2015-06-25

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 12-30-2015
Outcomes	Moderately Satisfactory
Risk to Development Outcome	Substantial
Bank Performance	Substantial
Borrower Performance	Moderately Satisfactory
Government Performance	Moderately Satisfactory
Implementing Agency	Highly Satisfactory

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 07-08-2016	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Moderately Satisfactory	N/a
Risk To Development Outcome	Modest	N/a
Bank Performance	Satisfactory	N/a
Borrower Performance	Moderately Satisfactory	N/a
Government Performance	Moderately Unsatisfactory	N/a
Implementing Agency	Satisfactory	N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Payout of accrued pension rights to public sector workers retiring during the project period	Value	None	Payout of rights of all those retired between Oct	Payout of rights of all those retired between Oct
	Date	May 31, 2009	September 15, 2014	June 30, 2015
	Comment

Generation of payroll data for civil service personnel used for assessing mandated contributions for the new pensions system.	Value	None	118 out of 124 Male' based agencies have completed	100% of GoM agencies in Male use HR module of PAS
	Date	May 31, 2009	April 30, 2015	June 30, 2015
	Comment

New Systems under MPAO operational, including the establishment of new office of the MPAO, governance structures, MIS and provisions for outsourcing.	Value	None	MPAO Board established; MPAO CEO and staff in plac	Key GoM cash transfers administered through MPAO
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Increased public awareness about the new pension system	Value	none	Public awareness and education workshops and infor	Significant improvement in understanding of pensio
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Development and implementation of management information systems and processes for targeting, disability administration abd health insurance	Value	None	SP Information System (SPIS) developed, installed,	New MIS systems and processes fully implemented.R
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Key Policies developed and adopted to facilitate MRPS implementation	Value	None	Investment policy adopted; regulation on participa	Draft amendments to relevant laws in order to unif
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Progress in implementing MRPS, measured by the number of individual accounts opened and maintained by the new pension authority	Value	None	There are 117327 individual Retirement Saving Acco	85,000
	Date	May 31, 2009	April 30, 2015	June 30, 2015
	Comment

Progress in implementing a new basic pension scheme measured by the number of payments made and by strengthening the automatic clawback mechanisms	Value	none	16073 beneficiaries receive payment of basic pensi	Automatic linkages with all other pension programs
	Date	May 31, 2009	April 30, 2015	June 30, 2015
	Comment

Regular reporting of contributions and balances to members, including recognition bonds (RB)	Value	None	Online access to individual accounts and complaint	On-line access to individual accounts and complain
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Reporting and compliance procedures defined and implemented, including regular monthly reporting of basic pension benefits paid andcontributions collected	Value	None	Regular MPAO supervision carried out, compliance r	MPAO targets inspections on high risk compliance c
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Effective supervision by the CMDA of the pension program administration and framework for new investment instruments	Value	none	CMDA Pension Supervision Department established; r	Framework for new investment instruments defined a
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Development and implementation of new process for annuitization in MRPS.	Value	None	An In-house phased withdrawal provisions developed	Policy on annuitization evaluated by the MPAO Boar
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Assessment of options for determination of disability and required systems	Value	None	Disability Act enacted; proposal for disability co	Disability administration provisions fully impleme
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Development of options and piloting of new approach to targeting of social benefits	Value	None	Interim strategy for national targeting system def	New targeting system fully implemented for at leas
	Date	May 31, 2009	May 31, 2015	June 30, 2015
	Comment

Direct project beneficiaries Value 0.00 117327.00 95000.00
Date May 31, 2009 April 30, 2015 June 30, 2015
Comment
Female beneficiaries Value 0.00 29.96 33.00
Date May 31, 2009 April 30, 2015 June 30, 2015
Comment
Beneficiaries of Basic Pension scheme Value 0.00 15846.00 17000.00
Date May 31, 2009 August 30, 2014 June 30, 2015
Comment
Contributors of the MRPS scheme Value 0.00 83957.00 85000.00
Date May 31, 2009 April 30, 2015 June 30, 2015
Comment

Direct project beneficiaries	Value	0.00	117327.00	95000.00
	Date	May 31, 2009	April 30, 2015	June 30, 2015
	Comment

Female beneficiaries	Value	0.00	29.96	33.00
	Date	May 31, 2009	April 30, 2015	June 30, 2015
	Comment

Beneficiaries of Basic Pension scheme	Value	0.00	15846.00	17000.00
	Date	May 31, 2009	August 30, 2014	June 30, 2015
	Comment

Contributors of the MRPS scheme	Value	0.00	83957.00	85000.00
	Date	May 31, 2009	April 30, 2015	June 30, 2015
	Comment