Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act

Author: International Monetary Fund. Fiscal Affairs Dept.

Technical Assistance Report-Revising the Fiscal Responsibility Act

Volume/Issue: Volume 2022 Issue 010

Publication date: January 2022

ISBN: 9781616359713

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

International - Economics , Money and Monetary Policy , Public Finance , 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

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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.