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Article
Fiscal and debt strategy
(Ministry of Finance and Treasury, 2021) Ministry of Finance and Treasury
The Fiscal Responsibility Act (Law Number 7/2013) obligates the Government to submit a Medium Term Fiscal Strategy Statement and a Medium Term Debt Strategy Statement to the People’s Majlis before the end of July every fiscal year. The Ministry of Finance and Treasury has accordingly submitted these statements to the Majlis since the entry into force of the Fiscal Responsibility Act. The Ministry believes that these strategy statements, as important policy documents, requires a broader audience. As such the 2018 statements would be the first to be published on the Ministry’s website and made accessible to the general public. This document combines the Fiscal Strategy and the Debt Strategy submitted to the People’s Majlis in July 2018. The documents are drafted to meet the guidelines specified in the Fiscal Responsibility Act. Furthermore, these strategies are also drafted as guiding documents to the policy makers from both the executive and the legislative branch of the Government to gauge the fiscal performance during the year, the debt conditions and the potential fiscal and debt strategy options to meet fiscal targets set under the Fiscal Responsibility Act. As a document submitted in July, the reference period for the document is January to June 2018. As such the policy analysis and proposals are based on the best information available up to this period. The documents are presented to the reader as submitted to the People’s Majlis in July 2018, with some corrections for data errors. The readers should also be aware that the budget numbers presented here for future years are forecasts produced by the Ministry in July 2018 and does not constitute approved figures by the People’s Majlis. Similarly, figures for the ongoing year has been revised in July and are subject to further change when Budget 2019 is submitted to the Majilis. The annual budget would be submitted to the People’s Majlis by the end of October to be approved by the Majlis before the commencement of the fiscal year in 2019. The document is broken down into three main areas. 1. Economic and Fiscal Developments - looks at the macroeconomic developments during the first half of the year and the economic prospects for the rest of the year. The section also looks at the realization of the approved budget for 2018 in the first six months of the year. 2. Medium Term Fiscal Strategy 2019-2021 – this section looks at the fiscal strategy objectives of the Government and highlights measures to ensure the effective implementation of the fiscal strategies of the Government. The section also looks at the revised budget for 2018, the baselines budget estimates for 2019 and the medium term budget estimates. 3. Medium Term Debt Management Strategy 2019-2021 – this section details the position of the debt portfolio at the end of 2017, the estimated debt position at the end of 2018, and the strategy for debt management for the period 2019-2021
Technical Report
Maldives population projections 2014-2054 : assumptions and results analysis
(United Nations Population Fund Maldives) National Bureau of Statistics; Ministry of Finance and Treasury
Book
Medium Term Fiscal Strategy 2022-2024
(Medium Term Fiscal Strategy 2022-2024, 2021-07-31) Ministry of Finance and Treasury
This is a statement submitted to the Public Accounts Committee of the People’s Majlis, as required by Fiscal Responsibility Law (No. 7/2013), disclosing the Medium-Term Fiscal Strategy of the Government. The Medium-Term Fiscal Strategy 2022-2024 focuses on recovering from the economic and fiscal impact of the Covid-19 pandemic and establishing a sustainable fiscal policy for the medium-term. The Government Annual Budget for the year 2022 and the medium-term will be formulated based on this Strategy. This statement includes an analysis on the difference between the previous Fiscal Strategies and the 2021 Approved Budget and revisions for 2021 that reflects the current situation. This is followed by information on the medium-term fiscal policy goals and the strategies for achieving these goals. Based on the medium-term goals for budget balance and debt, the strategy will identify the changes to revenue and expenditure required to meet these goals and fiscal space available for the New Policy Initiatives (NPI) - new programs and projects of the Government. This Strategy is based on “Medium-term Fiscal Framework” and baseline estimates of income and expenditure by the Ministry of Finance.
Book
Medium-term fiscal strategy 2021-2023
(Ministry of Finance and Treasury, 2020-07-31) Ministry of Finance and Treasury; މިނިސްޓްރީ އޮފް ފިނޭންސް އެންޑް ޓްރެޜަރީ
The Fiscal Responsibility Act (Law Number 7/2013) Chapter 10 requires the Government to submit a Medium-Term Fiscal Strategy Statement to the Public Accounts Committee of the People’s Majlis. This Fiscal Strategy is presented at a time when unprecedented changes are occurring to the Maldivian economy and the financial position of the country. To account for the present circumstances, the direction of fiscal policy must be changed. As such, this Fiscal Strategy focuses on formulating sustainable medium-term policies that will assist in economic recovery. This will also be the basis on which the annual budget 2021 and medium-term budgets are formulated. This statement includes a comparison of the previous Fiscal Strategy and the approved 2020 budget, the revised estimates for the 2020 budget to reflect current circumstances, and medium-term fiscal policy goals and policy implementation. The paper also outlines proposed changes to the revenue and expenditure structure based on medium-term fiscal balance and debt sustainability, and the fiscal space (budget available for new policy initiatives). This Fiscal Strategy is based on the “Medium-Term Fiscal Framework” and baseline budget estimates for revenue and expenditure estimations.