Maldives: First Review Under the Stand-By Arrangement and the 24-Month Arrangement Under the Exogenous Shocks Facility and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criterion: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives

Fund, International Monetary

Maldives: First Review Under the Stand-By Arrangement and the 24-Month Arrangement Under the Exogenous Shocks Facility and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criterion: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives

International Monetary Fund

No 2010/167, IMF Staff Country Reports from International Monetary Fund

Abstract: The first review of Maldives’ economic performance under the Stand-By Arrangement (SBA) and the Arrangement under the Exogenous Shocks Facility is discussed. The fiscal deficit in 2009 was estimated at 26¼ percent of GDP, 2½ percentage points lower than previously projected. The growth of monetary aggregates slowed down in line with projections. A key risk concerns the ability of the government to maintain the public sector wage cuts. A negative outcome on this would have a large fiscal impact.

Keywords: ISCR; CR; SDR; economy; debt; monetization; executive board discussion; liquidity absorption effort; restraining expenditure; vulnerability to external shocks; deficit monetization; MMA credit; Public sector wages; Monetary base; Government debt management; Global (search for similar items in EconPapers)
Pages: 40
Date: 2010-06-11
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