World Bank Board has approved a grant of $ 6.5 million to support the strengthening of the Public Financial Management (PFM) System in Maldives. World Bank said in a press release on Tuesday that the project will help strengthen the government institutions to make informed decisions on fiscal adjustments in an efficient manner which will positively impact the economy of the country.
“A key challenge for the country will be to ensure that the government’s social and economic goals are fully consistent with the urgent need for fiscal consolidation to restore fiscal and debt sustainability” said Francoise Clottes, Country Director, Sri Lanka and Maldives. “We are happy to assist the government in this endeavor with both financial and technical support” added Clottes.
The objective of the project is to enhance budget credibility, transparency, and financial reporting of central government finances.