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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:...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

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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

  • P145317

  • Closed

  • Winston Cole

  • Republic of Maldives

  • Maldives

  • October 17, 2013

  • (as of board presentation)

    June 26, 2014

  • October 2, 2014

  • US$ 6.50 million

  • Ministry of Finance and Treasury

  • South Asia

  • 2014

  • US$ 6.50 million

  • C

  • January 24, 2023

  • July 31, 2022

  • Yes

  • BANK APPROVED

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
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

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No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of February 28, 2025

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No data available.
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

INDICATORIMPLEMENTATION COMPLETION & RESULTS REPORT: 01-23-2023
OutcomesSubstantial
Risk to Development Outcome
Bank PerformanceSubstantial
Borrower Performance
Government Performance
Implementing Agency

INDEPENDENT EVALUATION RATINGS

INDICATORICR REVIEW: 07-31-2023PROJECT PERFORMANCE ASSESSMENT REPORT:
Outcome RatingSatisfactory N/a
Risk To Development OutcomeN/a
Bank PerformanceSatisfactoryN/a
Borrower PerformanceN/a
Government PerformanceN/a
Implementing AgencyN/a
Icr QualitySubstantialN/a
M&e QualitySubstantialN/a

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • Deviation between aggregate expenditure out turn and the original approved budgetValue18.741.009.00
    DateDecember 31, 2013October 7, 2022
    Comment
  • Public Access to Key Fiscal InformationValueDocuments not made available to the public: (1) Y(a) the proposed and approved Budget Book are publPublic disclosure of (1) Annual budget documents a
    DateFebruary 28, 2014October 7, 2022
    Comment
  • Comprehensiveness of debt data recording and reportingValueAnnual statement of debt covering domestic and extDomestic and foreign debt records are complete andDomestic and foreign debt records are complete, ex
    DateFebruary 28, 2014October 7, 2022
    Comment
  • SOE financial reporting and disclosureValue50.0070.000.00
    DateMarch 5, 2018October 7, 2022
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • International Financial Reporting Standards (IFRS) compliant Audit GuideValueNoYes
    DateJanuary 1, 2022October 7, 2022
    Comment
  • Increased capacity on debt and cash managementValueCredible DMS does not exist.Medium-Term Debt Strategy (MTDS) 2022–2024100% of staff at Debt Management Dept trained on t
    DateFebruary 28, 2014October 7, 2022
    Comment
  • Capacity building on procurement through the implementation of a new Procurement curriculaValueNIL16850% of contract awards meet required M&E standards
    DateFebruary 28, 2014October 7, 2022
    Comment
  • Improved communication of PFM reformsValueNo PFM communication strategyDraft Communication Strategy used to conduct worksCommunication strategy exists. Ten consultation
    DateFebruary 28, 2014October 7, 2022
    Comment
  • Timely preparation of annual financial statements (AFS)ValueAFS not accepted by audit as complete and ready foConsolidated Financial Statements generated from SComprehensive AFS with information on expenditures
    DateFebruary 28, 2014October 7, 2022
    Comment
  • Increased capacity on macro fiscal planningValue0% of staff trained on macro fiscal planning. NoMacro-fiscal forecasting tool used for the medium-Credible macro fiscal framework exists and used fo
    DateFebruary 28, 2014October 7, 2022
    Comment
  • BERs subjected to audit by internal auditorsValue0.00100.0025.00
    DateFebruary 28, 2014October 7, 2022
    Comment
  • Updated gender disaggregated statistics to inform fiscal policyValueNo recent data on household income/expendituresFiscal Affairs Department of the Ministry of Finan
    DateMay 1, 2018October 7, 2022
    Comment
  • Improved asset managementValueAsset registry not annexed to AFSEnd year audited financial statement for 2021 with
    DateMay 1, 2018October 7, 2022
    Comment