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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

  • Maldives

  • February 8, 2018

  • (as of board presentation)

    June 7, 2018

  • N/A

  • US$ 12.00 million

  • Ministry of Finance and Treasury

  • South Asia

  • 2018

  • US$ 12.00 million

  • C

  • September 3, 2021

  • July 31, 2022

  • Yes

  • BANK APPROVED

  • P145317

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
IDA Credit 6.00
IDA Grant 6.00

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

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

Detailed Financial Activity as of January 31, 2025

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No data available.
Period Financier Transaction Type Amount (US$)

Footnotes

Ratings

IMPLEMENTATION RATINGS

No data available.

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • Deviation between aggregate expenditure out turn and the original approved budgetValue18.746.155.00
    DateDecember 31, 2013November 22, 2017July 31, 2022
    Comment
  • Public Access to Key Fiscal InformationValueDocuments not made available to the public: (1) YY3 target partly achieved.BERs are being regularlPublic disclosure of the following key fiscal info
    DateFebruary 28, 2014November 22, 2017July 31, 2022
    Comment
  • Comprehensiveness of debt data recording and reportingValueAnnual statement of debt covering domestic and extAchieved.BERs with commitment information, the aDomestic and foreign debt records are complete, in
    DateFebruary 28, 2014November 22, 2017July 31, 2022
    Comment
  • Coverage and quality of the internal audit functionValueThere is no internal audit focused on systems moniPartially achieved Internal audit is functional The internal audit function is operational in 100%
    DateFebruary 28, 2014November 22, 2017July 31, 2019
    Comment
  • SOE financial reporting and disclosureValue50.0070.00100.00
    DateMarch 5, 2018June 6, 2018July 31, 2022
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Coherent set of PFM laws and regulationsValueNILPolicy direction received to proceed with draftingDraft proposal for revised PFM laws prepared and p
    DateFebruary 28, 2014November 22, 2017July 31, 2019
    Comment
  • Decreased variation in expenditures out-turn : within yearValue10.006.155.00
    DateFebruary 28, 2014November 22, 2017July 31, 2019
    Comment
  • Reduced variance of the composition of expenditure from the original budgetValue20.0024.0012.00
    DateFebruary 28, 2014November 22, 2017July 31, 2019
    Comment
  • Increased capacity on macro fiscal planningValue0% of staff trained on macro fiscal planning. NoMTEF was used for fiscal strategy formulation. StaProduction of a Macro fiscal forecasting tool to i
    DateFebruary 28, 2014November 22, 2017July 31, 2022
    Comment
  • Increased capacity on debt and cash managementValueCredible DMS does not exist.Y3 results met. Debt management strategy exists.Debt management strategy produced
    DateFebruary 28, 2014November 22, 2017July 31, 2022
    Comment
  • Timely and comprehensive in-year budget execution reports (BERs) producedValueNILPercentage of MM module rolled out to Male based aSystem-generated monthly BERs with information on
    DateFebruary 28, 2014November 22, 2017July 31, 2019
    Comment
  • BERs subjected to audit by internal auditorsValue0.000.00100.00
    DateFebruary 28, 2014November 22, 2017July 31, 2022
    Comment
  • Timely preparation of annual financial statements (AFS)ValueAFS not accepted by audit as complete and ready foY3 results met. MOFT staff and other AGA's have System-generated AFS submitted to audit within 4 m
    DateFebruary 28, 2014November 22, 2017July 31, 2022
    Comment
  • Enhance payroll controlsValueNo integration and reconciliation between personneInitial scoping document completed for an interfacEstablishment registers that drive payroll through
    DateFebruary 28, 2014November 22, 2017July 31, 2019
    Comment
  • Capacity building on procurement through the implementation of a new Procurement curriculaValueNILNil15
    DateFebruary 28, 2014November 22, 2017July 31, 2022
    Comment
  • Improved communication of PFM reformsValueNo PFM communication strategyCommunication strategy prepared.Communication strategy existsAll planned consult
    DateFebruary 28, 2014November 22, 2017July 31, 2022
    Comment
  • Inclusion of CPA techniques in Performance AuditValueNo use of CPATwo pilot Performance Audits conducted using CPA
    DateMay 1, 2018July 31, 2022
    Comment
  • Updated gender disaggregated statistics to inform fiscal policyValueNo recent data on household income/expendituresFindings from HHIES have been published
    DateMay 1, 2018July 31, 2022
    Comment
  • Improved asset managementValueAsset registry not annexed to AFSEnd year Financial Statements with asset registry
    DateMay 1, 2018July 31, 2022
    Comment