Maldives: PFM Systems Strengthening Project

Abstract*

The objective of the Public Financial Management Systems Strengthening Project for Maldives is to enhance budget credibility, transparency, and financial reporting of central government finances. There are three components to the project, the first component being strengthening the PFM environment. The objective of this component is to set the foundation and create an enabling environment for a sound PFM system. This component will have three subcomponents:... Show More

Development Objective

The PDO (project development objectives) for the proposed AF is to enhance budget credibility, transparency, and financial reporting of public sector finances. The PDO remains relevant and the likelihood of achieving it remains high in view of the project’s implementation progress, disbursement performance, and results achieved to date.

Key Details

Project Details

Project ID
P145317
Status
Closed
Team Leader
Winston Cole
Borrower 2
Republic of Maldives

Country
Maldives
Disclosure Date
October 17, 2013
Approval Date
(as of board presentation)
June 26, 2014
Effective Date
October 2, 2014

Total Project Cost 1
US$ 6.50 million
Implementing Agency
Ministry of Finance and Treasury
Region
South Asia
Fiscal Year 3
2014

Commitment Amount
US$ 6.50 million
Environmental Category
C
Last Update Date
January 24, 2023
Closing Date
July 31, 2022

Consultant Services required
Yes
Last Stage Reached
BANK APPROVED

Associated Projects
P164322

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 Administration50%
- FY17 - Transparency, Accountability and Good Governance50%
FY17 - Public Finance Management50%
- FY17 - Public Expenditure Management50%

Project Map

Interactive Map

Finances

Financing Plan (US$ Millions)

Financier	Commitments
IDA Grant	6.50

Total Project Financing (US$ Millions)

Product Line	IBRD/IDA
IBRD Commitment	N/A
IDA Commitment	6.50
IBRD + IDA Commitment	6.50

Lending Instrument
Grant Amount	N/A
Total Project Cost**	6.50

Summary Status of World Bank Financing (US$ Millions) as of February 28, 2025

No data available.

Detailed Financial Activity as of February 28, 2025

Download:

Period	Financier	Transaction Type	Amount (US$)
Apr 15, 2022	IDA-62200	Int Charges	32.19
Apr 15, 2022	IDA-62200	Int Charges	32.19
Aug 16, 2022	IDA-D2950	Loan Disb	50,700.00
Mar 9, 2022	IDA-D2950	Loan Disb	500,000.00
Feb 23, 2022	IDA-D2950	Loan Disb	500,000.00
Aug 30, 2022	IDA-D2950	Loan Disb	22,949.78
Jul 28, 2022	IDA-D2950	Loan Cancel	1,843,688.00
Jul 28, 2022	IDA-62200	Loan Cancel	460,922.00
Nov 30, 2022	IDA-H9510	Loan Cancel	892.22
Nov 30, 2022	IDA-D2950	Loan Cancel	256,269.89
Sep 27, 2019	IDA-H9510	Loan Disb	346,612.00
Mar 12, 2020	IDA-D2950	Loan Disb	650,000.00
May 5, 2020	IDA-62200	Loan Disb	1,381,051.20
Oct 15, 2020	IDA-62200	Int Charges	4,761.59
Oct 15, 2020	IDA-62200	Int Charges	4,761.59
Mar 21, 2018	IDA-H9510	Loan Disb	1,333,751.50
Mar 20, 2019	IDA-D2950	Loan Disb	795,000.00
Jun 12, 2019	IDA-H9510	Loan Disb	214,896.00
Feb 11, 2015	IDA-H9510	Loan Disb	90,112.66
Dec 4, 2014	IDA-H9510	Loan Disb	476,520.38
Dec 16, 2014	IDA-H9510	Loan Disb	13,625.50
May 4, 2015	IDA-H9510	Loan Disb	1,620,212.50
Jun 13, 2016	IDA-H9510	Loan Disb	371,659.00
Mar 14, 2017	IDA-H9510	Loan Disb	1,483,724.00
Jun 7, 2018	IDA-62200	Loan Commitment	6,000,000.00
Jun 7, 2018	IDA-D2950	Loan Commitment	6,000,000.00
Jun 26, 2014	IDA-H9510	Loan Commitment	6,500,000.00
Nov 30, 2022	IDA-62200	Loan Cancel	48,211.24
Oct 19, 2022	IDA-D2950	Loan Disb	2,646.14
Nov 1, 2022	IDA-H9510	Loan Disb	-872.46
Sep 6, 2022	IDA-D2950	Loan Disb	11,889.52
Oct 15, 2022	IDA-62200	Int Charges	1,346.09
Oct 15, 2022	IDA-62200	Int Charges	1,346.09
Oct 15, 2022	IDA-62200	Int Charges	18,140.38
Oct 15, 2022	IDA-62200	Int Charges	18,140.38
Nov 17, 2022	IDA-D2950	Loan Disb	-5,929.63
Nov 17, 2022	IDA-D2950	Loan Disb	-1,922.98
Sep 12, 2022	IDA-D2950	Loan Disb	54,043.53
Sep 12, 2022	IDA-D2950	Loan Disb	90,329.62
Nov 1, 2022	IDA-D2950	Loan Disb	40,850.44
Sep 19, 2022	IDA-D2950	Loan Disb	8,227.68
Apr 15, 2023	IDA-62200	Int Charges	670.01
Apr 15, 2023	IDA-62200	Int Charges	670.01
Apr 15, 2023	IDA-62200	Int Charges	18,454.49
Apr 15, 2023	IDA-62200	Int Charges	18,454.49
Oct 15, 2023	IDA-62200	Int Charges	238.00
Oct 15, 2023	IDA-62200	Int Charges	238.00
Oct 15, 2023	IDA-62200	Int Charges	18,731.83
Oct 15, 2023	IDA-62200	Int Charges	18,731.83
Apr 15, 2024	IDA-62200	Int Charges	18,499.25
Apr 15, 2024	IDA-62200	Int Charges	18,499.25
Apr 15, 2024	IDA-62200	Int Charges	324.81
Apr 15, 2024	IDA-62200	Int Charges	324.81
Apr 15, 2021	IDA-62200	Int Charges	6.29
Apr 15, 2021	IDA-62200	Int Charges	6.29
Apr 15, 2021	IDA-62200	Int Charges	5,428.68
Apr 15, 2021	IDA-62200	Int Charges	5,428.68
Oct 15, 2021	IDA-62200	Int Charges	5,318.92
Oct 15, 2021	IDA-62200	Int Charges	5,318.92
Oct 15, 2021	IDA-62200	Int Charges	46.22
Oct 15, 2021	IDA-62200	Int Charges	46.22
Oct 26, 2021	IDA-D2950	Loan Disb	500,000.00
Sep 22, 2021	IDA-H9510	Loan Disb	78,941.51
Jun 16, 2022	IDA-62200	Loan Disb	93,054.50
Dec 14, 2021	IDA-62200	Loan Disb	1,419,660.20
Mar 11, 2022	IDA-62200	Loan Disb	2,372,291.00
Jul 7, 2022	IDA-D2950	Loan Disb	272,211.12
Jul 22, 2022	IDA-D2950	Loan Disb	53,813.25
Jul 22, 2022	IDA-D2950	Loan Disb	48,746.62
Apr 15, 2022	IDA-62200	Int Charges	8,875.26
Apr 15, 2022	IDA-62200	Int Charges	8,875.26

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name	Review	Date
Overall Implementation Progress (IP)	Satisfactory	2022-10-02
Project Management	Satisfactory	2022-10-02
Progress towards achievement of PDO	Satisfactory	2022-10-02
Procurement	Satisfactory	2022-10-02
Monitoring and Evaluation	Satisfactory	2022-10-02
Financial Management	Satisfactory	2022-10-02

COMPLETION RATINGS

INDICATOR	IMPLEMENTATION COMPLETION & RESULTS REPORT: 01-23-2023
Outcomes	Substantial
Risk to Development Outcome
Bank Performance	Substantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATOR	ICR REVIEW: 07-31-2023	PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome Rating	Satisfactory	N/a
Risk To Development Outcome		N/a
Bank Performance	Satisfactory	N/a
Borrower Performance		N/a
Government Performance		N/a
Implementing Agency		N/a
Icr Quality	Substantial	N/a
M&e Quality	Substantial	N/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

Deviation between aggregate expenditure out turn and the original approved budget Value 18.74 1.00 9.00
Date December 31, 2013 October 7, 2022
Comment

Public Access to Key Fiscal Information	Value	Documents not made available to the public: (1) Y	(a) the proposed and approved Budget Book are publ	Public disclosure of (1) Annual budget documents a
	Date	February 28, 2014	October 7, 2022
	Comment

Comprehensiveness of debt data recording and reporting	Value	Annual statement of debt covering domestic and ext	Domestic and foreign debt records are complete and	Domestic and foreign debt records are complete, ex
	Date	February 28, 2014	October 7, 2022
	Comment

SOE financial reporting and disclosure Value 50.00 70.00 0.00
Date March 5, 2018 October 7, 2022
Comment

INTERMEDIATE RESULTS INDICATORS

INDICATOR		BASELINE	CURRENT	TARGET

International Financial Reporting Standards (IFRS) compliant Audit Guide Value No Yes
Date January 1, 2022 October 7, 2022
Comment

Increased capacity on debt and cash management	Value	Credible DMS does not exist.	Medium-Term Debt Strategy (MTDS) 2022–2024	100% of staff at Debt Management Dept trained on t
	Date	February 28, 2014	October 7, 2022
	Comment

Capacity building on procurement through the implementation of a new Procurement curricula Value NIL 168 50% of contract awards meet required M&E standards
Date February 28, 2014 October 7, 2022
Comment

Improved communication of PFM reforms	Value	No PFM communication strategy	Draft Communication Strategy used to conduct works	Communication strategy exists. Ten consultation
	Date	February 28, 2014	October 7, 2022
	Comment

Timely preparation of annual financial statements (AFS)	Value	AFS not accepted by audit as complete and ready fo	Consolidated Financial Statements generated from S	Comprehensive AFS with information on expenditures
	Date	February 28, 2014	October 7, 2022
	Comment

Increased capacity on macro fiscal planning	Value	0% of staff trained on macro fiscal planning. No	Macro-fiscal forecasting tool used for the medium-	Credible macro fiscal framework exists and used fo
	Date	February 28, 2014	October 7, 2022
	Comment

BERs subjected to audit by internal auditors Value 0.00 100.00 25.00
Date February 28, 2014 October 7, 2022
Comment

Updated gender disaggregated statistics to inform fiscal policy	Value	No recent data on household income/expenditures	Fiscal Affairs Department of the Ministry of Finan
	Date	May 1, 2018	October 7, 2022
	Comment

Improved asset management Value Asset registry not annexed to AFS End year audited financial statement for 2021 with
Date May 1, 2018 October 7, 2022
Comment

Deviation between aggregate expenditure out turn and the original approved budget	Value	18.74	1.00	9.00
	Date	December 31, 2013	October 7, 2022
	Comment

SOE financial reporting and disclosure	Value	50.00	70.00	0.00
	Date	March 5, 2018	October 7, 2022
	Comment

Capacity building on procurement through the implementation of a new Procurement curricula	Value	NIL	168	50% of contract awards meet required M&E standards
	Date	February 28, 2014	October 7, 2022
	Comment

Improved asset management	Value	Asset registry not annexed to AFS	End year audited financial statement for 2021 with
	Date	May 1, 2018	October 7, 2022
	Comment

International Financial Reporting Standards (IFRS) compliant Audit Guide	Value	No	Yes
	Date	January 1, 2022	October 7, 2022
	Comment