| Financier | Commitments |
|---|---|
| IDA Credit | 10.00 |
| IDA Grant | 10.00 |
Maldives First Fiscal Sustainability and Budget Credibility Development Policy Financing Operation
Abstract*
The development objectives of First Fiscal Sustainability and Budget Credibility Development Policy Financing Operation Project for Maldives are to: (1) improve the policy framework to enhance sustainability of the public finances; and (2) strengthen the policy framework to increase credibility of the budget. This DPF is complemented by a disaster risk management DPF with catastrophe deferred drawdown option (Cat-DDO), a pandemic emergency financing... Show More
Development Objective
The Fiscal Sustainability and Budget Credibility Development Policy Financing operation supports the government's efforts to:
(1) improve the policy framework to enhance sustainability of the public finances; and
(2) strengthen the policy framework to increase credibility of the budget
Key Details
Project Details
P163966
Closed
Fernando Im
Republic of Maldives
January 18, 2018
(as of board presentation)
July 1, 2019
November 7, 2019
US$ 10.00 million
National Social Protection Agency,Ministry of Finance
2020
US$ 20.00 million
N/A
Not Applicable
September 30, 2020
BANK APPROVED
November 10, 2023
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | N/A |
| IDA Commitment | 20.00 |
| IBRD + IDA Commitment | 20.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 10.00 |
Summary Status of World Bank Financing (US$ Millions) as of April 30, 2025
No data available.
| Period | Financier | Transaction Type | Amount (US$) |
|---|---|---|---|
| Aug 15, 2023 | IDA-64550 | Int Charges | 36,473.08 |
| Feb 15, 2022 | IDA-64550 | Int Charges | 516.21 |
| Feb 15, 2022 | IDA-64550 | Int Charges | 516.21 |
| Feb 15, 2022 | IDA-64550 | Int Charges | 37,714.07 |
| Feb 15, 2022 | IDA-64550 | Int Charges | 37,714.07 |
| Aug 15, 2022 | IDA-64550 | Int Charges | 110.95 |
| Aug 15, 2022 | IDA-64550 | Int Charges | 110.95 |
| Aug 15, 2022 | IDA-64550 | Int Charges | 36,145.68 |
| Aug 15, 2022 | IDA-64550 | Int Charges | 36,145.68 |
| Aug 15, 2021 | IDA-64550 | Int Charges | 38,882.08 |
| Aug 15, 2021 | IDA-64550 | Int Charges | 38,882.08 |
| Aug 15, 2021 | IDA-64550 | Int Charges | 76.36 |
| Aug 15, 2021 | IDA-64550 | Int Charges | 76.36 |
| Feb 15, 2021 | IDA-64550 | Int Charges | 848.57 |
| Feb 15, 2021 | IDA-64550 | Int Charges | 848.57 |
| Feb 15, 2021 | IDA-64550 | Int Charges | 39,363.08 |
| Feb 15, 2021 | IDA-64550 | Int Charges | 39,363.08 |
| Feb 15, 2020 | IDA-64550 | Int Charges | 17,261.97 |
| Feb 15, 2020 | IDA-64550 | Int Charges | 17,261.97 |
| Feb 15, 2024 | IDA-64550 | Int Charges | 36,149.47 |
| Feb 15, 2024 | IDA-64550 | Int Charges | 36,149.47 |
| Aug 15, 2020 | IDA-64550 | Int Charges | 37,550.42 |
| Feb 15, 2024 | IDA-64550 | Int Charges | 62.73 |
| Feb 15, 2024 | IDA-64550 | Int Charges | 62.73 |
| Aug 15, 2020 | IDA-64550 | Int Charges | 37,550.42 |
| Nov 22, 2019 | IDA-64550 | Loan Disb | 10,039,106.00 |
| Nov 22, 2019 | IDA-D4940 | Loan Disb | 10,039,106.00 |
| Aug 15, 2020 | IDA-64550 | Int Charges | 209.30 |
| Aug 15, 2020 | IDA-64550 | Int Charges | 209.30 |
| Jul 1, 2019 | IDA-64550 | Loan Commitment | 10,000,000.00 |
| Jul 1, 2019 | IDA-D4940 | Loan Commitment | 10,000,000.00 |
| Aug 15, 2024 | IDA-64550 | Int Charges | 35,577.93 |
| Aug 15, 2024 | IDA-64550 | Int Charges | 491.92 |
| Aug 15, 2024 | IDA-64550 | Int Charges | 491.92 |
| Aug 15, 2023 | IDA-64550 | Int Charges | 179.17 |
| Aug 15, 2024 | IDA-64550 | Int Charges | 35,577.93 |
| Feb 15, 2023 | IDA-64550 | Int Charges | 313.86 |
| Feb 15, 2023 | IDA-64550 | Int Charges | 313.86 |
| Feb 15, 2023 | IDA-64550 | Int Charges | 36,117.07 |
| Feb 15, 2023 | IDA-64550 | Int Charges | 36,117.07 |
| Aug 15, 2023 | IDA-64550 | Int Charges | 179.17 |
| Aug 15, 2023 | IDA-64550 | Int Charges | 36,473.08 |
Ratings
IMPLEMENTATION RATINGS
| Name | Review | Date |
|---|---|---|
| Monitoring and Evaluation | Satisfactory | 2020-06-03 |
| Overall Implementation Progress (IP) | Satisfactory | 2020-06-03 |
| Program Management | Satisfactory | 2020-06-03 |
| Progress towards achievement of PDO | Moderately Satisfactory | 2020-06-03 |
COMPLETION RATINGS
| INDICATOR | IMPLEMENTATION COMPLETION & RESULTS REPORT: |
|---|---|
| Outcomes | Moderately Unsatisfactory |
| Risk to Development Outcome | |
| Bank Performance | Substantial |
| Borrower Performance | |
| Government Performance | |
| Implementing Agency |
INDEPENDENT EVALUATION RATINGS
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Reduction in spending in pharmaceuticals and overseas treatment (as % of spending in drug and overseas care reimbursement in 2017) Value 0.00 0.00 6.00 Date December 29, 2017 December 31, 2021 December 31, 2021 Comment Aggregate compositional variance of expenditure by AGAs (using PEFA methodology) Value 21.00 17.30 10.00 Date December 31, 2018 December 31, 2021 December 31, 2021 Comment Transfers to STO (fuel subsidy) and state utilities (tariff subsidy) (as % of 2019 Grants, contributions and subsidies in the Budget) Value 27.10 26.60 22.00 Date January 31, 2019 December 31, 2021 December 31, 2021 Comment Share of agencies/ministries using Materials Management Module of SAP to procure assets and services Value 0.00 100.00 95.00 Date December 29, 2017 December 31, 2021 December 31, 2021 Comment Proceeds deposited towards the Maldives Green Fund Value 0.00 136000000.00 150000000.00 Date December 31, 2018 December 31, 2021 December 31, 2021 Comment Outstanding arrears as a share of GDP Value 0.90 2.24 0.60 Date January 1, 2018 December 31, 2021 December 31, 2021 Comment Tax revenue (as % of 2016 GDP) Value 19.60 21.70 29.60 Date December 30, 2016 December 31, 2021 December 31, 2021 Comment Publication of an annual debt management report Value No Yes Yes Date December 31, 2018 December 31, 2021 December 31, 2021 Comment Revenue from Airport Development Fee (% of 2016 non-tax revenues) Value 0.00 9.60 15.00 Date December 30, 2016 December 31, 2021 December 31, 2021 Comment Number of SOEs, that in line with the Code of Corporate Governance, publish on their website (i) the corporate governance structureand (ii) the corporate governance statement Value 0.00 8.00 10.00 Date December 31, 2018 August 31, 2023 December 31, 2021 Comment Share of SOEs with performance agreements signed Value 0.00 100.00 100.00 Date December 31, 2018 December 31, 2021 December 31, 2021 Comment