Project Overview

The programme is part of a broad emergency programme of the Government of the Maldives supported by several international financial institutions, including an IMF Stand-By Arrangement that seeks to correct deep-rooted economic imbalances and restore the economy to a sustainable growth trajectory over the medium term. Our services included monitoring and evaluation, quality assurance and advisory services in various components of the project including amongst others, those involving access to finance, development of credit systems and MSME development in the Maldives. Our specific roles include;

• Technical Assessment: Contributed to a diagnostic exercise for looking at the legal / regulatory and other constraints affecting access to finance. Provided inputs and facilitation for drafting of national Act on MSME.; Assessment of the existing enabling and regulatory environment for PPP, and suggesting reforms required to create a favorable and transparent environment.
• Program Management and Monitoring: provide guidance on setting up of a Credit Information Bureau (CIB)  and subsequent  introduction of a Central Moveable Assets Registry (CMAR) in the medium term, a master plan ensuring integration between CIB and CMAR, and procurement plans including technical specifications for appropriate hardware and software equipment
• Capacity Building: Providing assistance in(i) strengthening administration of new taxes introduced under the Program;(ii) developing capacity of Ministry Of Finance and Treasury (MOFT) for implementing new revenue measures;(iii) strengthening MOFT’s internal audit unit; and (iv) providing support for the apex PMU and two TPMUs (thematic Project Management Unit).This involves (i) institutionalization of PSP and PPP procurement process and skills development.