Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act
Technical Assistance Report-Revising the Fiscal Responsibility Act
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Volume/Issue:
Volume 2022
Issue 010
Publication date: January 2022
ISBN: 9781616359713
$5.00
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Topics covered in this book
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Money and Monetary Policy , Public Finance , International - Economics , Maldivian authorities , government document , draft FRA need , documentation requirement , FRA draft , government finance statistics manual , Budget planning and preparation , Fiscal reporting , Fiscal risks , Australia and New Zealand , South Asia
Summary
The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the overall fiscal balance. The Act also sets minimum standards for fiscal transparency and accountability and requires the Government to prepare and publish medium-term fiscal and debt strategy reports.
