Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act

Download or read book Maldives: Technical Assistance Report-Revising the Fiscal Responsibility Act written by International Monetary and published by International Monetary Fund. This book was released on 2022-01-14 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Fiscal Responsibility Act (FRA) came into effect in 2013 to reduce rising public debt and achieve fiscal stability. Maldives has experienced rapid public debt accumulation over the past decade. The FRA establishes objectives for maintaining debt at a sustainable level and reducing the overall fiscal balance. The Act also sets minimum standards for fiscal transparency and accountability and requires the Government to prepare and publish medium-term fiscal and debt strategy reports.