World Bank has shared its portfolio review with Maldives Ministry of Finance.
The bank's review was mainly focused on the progress and challenges of various infrastructural development projects in the Maldives. The review was handed over during Tuesday's ceremony held for the purpose, at Jen Maldives Male' by Shangri-La.
Senior members of World Bank, the ministry's State Minister Ismail Ali Manik, Minister of Fisheries Hussain Rasheed and several project managers had participated in Tuesday's ceremony.
The 2022 portfolio was developed with surveys conducted by the bank and Ministry of Finance, additionally with data collected from relevant authorities and organizations, and project contractors.
Meanwhile, 10 developmental projects are currently in ongoing across various parts of the country, funded or aided by World Bank.
During Tuesday's ceremony, Ministry of Finance discussed its reform framework with World Bank to overcome the challenges, and solutions for effective project management. The ministry suggested reforms for information asymmetry, and issues with "principle agents" in projects.
Other discussioms include, alternative solutions to creating specific project management units (PMUs) exclusively for projects. The discussion mainly focused on using relevant human resource assets available within the organizations instead of creating specific units required for each project. The expected benefit from such practice, is to sustain and maintain employee training and intellect within an organization for a long-term period.
Ministry of Finance confirmed two project managers will be terminated from their posts without contract renewal, while their replacements will be selected. The project managers are expected to be terminated from projects that do not meet the progress requisites.
Ministry of Finance welcomed the "hybrid" PMU models that focuses on managing simultaneous projects, instead of creating individual PMUs for each project.
The portfolio review further highlights that the projects carried out in Maldives during 2022 increased compared to previous years. World Bank concluded two successful projects in the country so far this year.
Earlier, Minister of Finance Ibrahim Ameer requested from World Bank seniors to focus on larger development projects to improve long-term economic gains instead of initiating smaller projects in the Maldives.
The bank is currently in preparations to launch a USD 50 million (MVR 771 million) initiative towards fisheries industry development in the nation, set for 2023.
The ministry affirmed its continued support to World Bank in assessing the issues or challenges of the projects initiated by the financial institution, here in the Maldives.
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