| Financier | Commitments |
|---|---|
| IDA Credit | 6.00 |
| IDA Grant | 6.00 |
Maldives Public Financial Management Systems Strengthening Project
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
P164322
Closed
Franck Bessette , Fabian Seiderer
Ministry of Finance and Treasury
February 8, 2018
(as of board presentation)
June 7, 2018
N/A
US$ 12.00 million
Ministry of Finance and Treasury
2018
US$ 12.00 million
C
September 3, 2021
July 31, 2022
Yes
BANK APPROVED
Finances
Financing Plan (US$ Millions)
Total Project Financing (US$ Millions)
| Product Line | IBRD/IDA |
|---|---|
| IBRD Commitment | N/A |
| IDA Commitment | 12.00 |
| IBRD + IDA Commitment | 12.00 |
| Lending Instrument | |
|---|---|
| Grant Amount | N/A |
| Total Project Cost** | 12.00 |
Summary Status of World Bank Financing (US$ Millions) as of January 31, 2025
No data available.
Detailed Financial Activity as of January 31, 2025
No data available.
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Deviation between aggregate expenditure out turn and the original approved budget Value 18.74 6.15 5.00 Date December 31, 2013 November 22, 2017 July 31, 2022 Comment Public Access to Key Fiscal Information Value Documents not made available to the public: (1) Y Y3 target partly achieved.BERs are being regularl Public disclosure of the following key fiscal info Date February 28, 2014 November 22, 2017 July 31, 2022 Comment Comprehensiveness of debt data recording and reporting Value Annual statement of debt covering domestic and ext Achieved.BERs with commitment information, the a Domestic and foreign debt records are complete, in Date February 28, 2014 November 22, 2017 July 31, 2022 Comment Coverage and quality of the internal audit function Value There is no internal audit focused on systems moni Partially achieved Internal audit is functional The internal audit function is operational in 100% Date February 28, 2014 November 22, 2017 July 31, 2019 Comment SOE financial reporting and disclosure Value 50.00 70.00 100.00 Date March 5, 2018 June 6, 2018 July 31, 2022 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Coherent set of PFM laws and regulations Value NIL Policy direction received to proceed with drafting Draft proposal for revised PFM laws prepared and p Date February 28, 2014 November 22, 2017 July 31, 2019 Comment Decreased variation in expenditures out-turn : within year Value 10.00 6.15 5.00 Date February 28, 2014 November 22, 2017 July 31, 2019 Comment Reduced variance of the composition of expenditure from the original budget Value 20.00 24.00 12.00 Date February 28, 2014 November 22, 2017 July 31, 2019 Comment Increased capacity on macro fiscal planning Value 0% of staff trained on macro fiscal planning. No MTEF was used for fiscal strategy formulation. Sta Production of a Macro fiscal forecasting tool to i Date February 28, 2014 November 22, 2017 July 31, 2022 Comment Increased capacity on debt and cash management Value Credible DMS does not exist. Y3 results met. Debt management strategy exists. Debt management strategy produced Date February 28, 2014 November 22, 2017 July 31, 2022 Comment Timely and comprehensive in-year budget execution reports (BERs) produced Value NIL Percentage of MM module rolled out to Male based a System-generated monthly BERs with information on Date February 28, 2014 November 22, 2017 July 31, 2019 Comment BERs subjected to audit by internal auditors Value 0.00 0.00 100.00 Date February 28, 2014 November 22, 2017 July 31, 2022 Comment Timely preparation of annual financial statements (AFS) Value AFS not accepted by audit as complete and ready fo Y3 results met. MOFT staff and other AGA's have System-generated AFS submitted to audit within 4 m Date February 28, 2014 November 22, 2017 July 31, 2022 Comment Enhance payroll controls Value No integration and reconciliation between personne Initial scoping document completed for an interfac Establishment registers that drive payroll through Date February 28, 2014 November 22, 2017 July 31, 2019 Comment Capacity building on procurement through the implementation of a new Procurement curricula Value NIL Nil 15 Date February 28, 2014 November 22, 2017 July 31, 2022 Comment Improved communication of PFM reforms Value No PFM communication strategy Communication strategy prepared. Communication strategy existsAll planned consult Date February 28, 2014 November 22, 2017 July 31, 2022 Comment Inclusion of CPA techniques in Performance Audit Value No use of CPA Two pilot Performance Audits conducted using CPA Date May 1, 2018 July 31, 2022 Comment Updated gender disaggregated statistics to inform fiscal policy Value No recent data on household income/expenditures Findings from HHIES have been published Date May 1, 2018 July 31, 2022 Comment Improved asset management Value Asset registry not annexed to AFS End year Financial Statements with asset registry Date May 1, 2018 July 31, 2022 Comment