Maldives: 2009 Article IV Consultation: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives

January 29, 2010

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Format: Chicago

Maldives: 2009 Article IV Consultation: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives, (USA: International Monetary Fund, 2010) accessed December 22, 2024

Summary

This paper examines the Maldives’ 2009 Article IV Consultation on economic developments and policies. The Maldivian economy is facing large external and fiscal imbalances, resulting from the severe impact of the global financial crisis and exacerbated by an unsustainable fiscal expansion. The global crisis has led to sharp declines in tourism and related investment, other net capital flows, and exports. This has caused a significant fall in fiscal revenue, compounding a large increase in public spending, and pushed the economy into recession. A rising share of the resulting fiscal deficit has been financed by monetization.

Subject: Civil service, Expenditure, External debt, Fiscal consolidation, Fiscal policy, Foreign exchange, Labor, Public debt

Keywords: Civil service, CR, Debt service, Deficit, Financing, Fiscal consolidation, GDP, Global, Government, IFC assistance program, IMF facility, ISCR, Maldivian economy, Policy support

Publication Details

Pages:

96
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/028
Stock No:

1MDVEA2010001
ISBN:

9781451825534
ISSN:

1934-7685

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