Maldives to get US$12 million World Bank package
The package will improve the efficiency of public services and finances, says the World Bank.
09 Jun 2018, 9:00 AM
The World Bank is giving the Maldives a US$12 million financial package to improve the efficiency of its public finances and services.
The finance ministry has made progress in reducing the fiscal deficit from 10.6 percent of GDP in 2016 to 2.5 percent in 2017, the World Bank said Thursday, improved its revenue collection and shifted from recurrent to capital expenditure to support public investments.
“The Ministry has also brought more transparency to its budget and financial information through an integrated financial management information system. Further to that, the Auditor General has taken steps to disclose audit reports on public debt and guarantees.”
Earlier this year research showed that the Maldives had slipped on a global financial secrecy scale, ranking 94 despite its size.
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