The Edition


Finance ministry unveils goals for 2019

Mariyam Malsa
05 January 2019, MVT 09:25
Minister of Finance Ibrahim Ameer at a press conference. PHOTO: AHMED NISHAATH/ MIHAARU
Mariyam Malsa
05 January 2019, MVT 09:25

The Ministry of Finance has announced key activities planned for 2019.

According to a statement released by the ministry on Thursday, using fiscal decentralization in order to empower local councils would be the main focus in 2019. A commission to oversee these matters is to be created within the Finance Ministry.

Additionally, the ministry stated that efforts were underway to make necessary amendments to the Public Finance Act.

Empowering local councils

The ministry stated that they had decided on a method to distribute funds allocated to local councils according to Subject 104 of the local council regulations. The finance ministry revealed plans to grant these funds in installments throughout the year.

Asset Revaluation

The Finance Ministry announced that they would compile a record of all the state-owned buildings and properties, and complete a record of fixed assets held by the government.

The ministry will also create a policy guideline to revalue such assets in 2019.

Empowering state-owned enterprises

The Finance Ministry stated that it would review the governing regulations of state-run enterprises.

It has also been decided to review guidelines according to which salaries are determined for employees of public enterprises in order to create wage equality.

Furthermore, the ministry will begin monitoring the productivity of these enterprises and rank them according to performance.

The ministry will further create and publish a corporate governance code according to standards set by the Organisation for Economic Co-operation and Development (OECD).

A database management system is also to be established so that the Privatisation Board can manage information regarding state-run enterprises conveniently.

Debt Reduction

Debt reduction is a key goal of the government. Several activities have been planned to strengthen the debt repayment system.

This includes the preparation of a medium-term debt management strategy for the period 2020-2022.

The Ministry of Finance will also collaborate with the World Bank to carry out a Debt Management Performance Assesment (DeMPA).

In addition, the ministry will collaborate with Maldives Monetary Authority (MMA) to develop the domestic market.

The ministry will further work to hold a Maldives Partnership Forum.

The Finance Ministry's mandate also includes the fulfilment of the vows assigned to the ministry, under President Ibrahim Mohamed Solih's 100-Day pledges.

In addition, the ministry will compile a resource mobilization strategy which aligns with government policy. Strengthening the policy and process regarding the issuance of sovereign guarantees is also on the agenda for 2019.

Efforts will also commence to compile the 2020 State Budget according to the national development plan.