Maldives Public Financial Management Systems Strengthening Project (WB-P164322)

Countries
  • Maldives
Where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 7, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Republic of Maldives
The holder of the loan, grant, or other investment.
Sectors
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 12.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ WB website

Updated in EWS Jul 23, 2018

Disclosed by Bank Feb 8, 2018


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Project Description

'Public Financial Management Systems Strengthening Project' is an additional financing in the amount of USD12 million to support public financial management reforms in Maldives. The project is aimed at improving budget credibility and fiscal transparency. The project comprises of the following five components:

  • Policy-based fiscal strategy and budget credibility
  • Controlled budget execution
  • Accounting, reporting and internal audit
  • External scrutiny and audit
  • Project and Change Management

The proposed project development objectives (PDO) are to enhance budget credibility, transparency, and financial reporting of central government finances.

Investment Description
  • World Bank (WB)
Contact Information

World Bank
Franck Bessette
Program Manager

Fabian Seiderer
Lead Public Sector Specialist

Borrower/Client/Recipient
Ministry of Finance and Treasury
AHMED MAZIN
Acting Permanent Secretary and Project Director
ahmed.mazin@finance.gov.mv

Implementing Agencie(s)
Ministry of Finance and Treasury

ACCOUNTABILITY MECHANISM OF WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.