Financial Institutes

Projects

EXTERNAL RESOURCE MANAGEMENT

Introduction

The External Resources Management Section (ERMS) at the Ministry of Finance and Treasury consists of three units, the International Financial Institutions Coordination (IFIC) Section, External Debt Management (EDM) Section and Aid Coordination Unit (ACU).

The ERMS acts as the Maldivian Government’s primary contact for international financing institutions (such as the IDB, ADB, World Bank and other banks and non-bank financial institutions). It is responsible for ensuring effective coordination between these financing institutions and the Government of Maldives (GoM). The ERMS is also responsible for the management of the country’s external public debt including the administrative, accounting, statistical and debt reporting functions.

The respective functions of the three units of the ERMS are outlined below.

International Financial Institutions Coordination (IFIC)

  • Meetings/Visits and Document Management
    • Annual Meeting arrangements
    • Coordinate/arrange VIP Visits
    • Review and process Board Papers
    • Review and process Country Reports/Docs
    • Manage Subscriptions/Capital Increase and Valuation Adjustments
  • Managing Missions
    • Coordinate Missions/ meeting and field visits
    • Participate in mission dialogue
    • Prepare Mission Briefs and co-ordinate with Admin & HR Section
    • Arrange Meetings with the Public and Private Sector Agencies
    • Process and comment on Aide Memoire and MOUs
  • Project Monitoring and Management
    • Assisting overall project follow up and implementation
    • Participate in PCC & PSC meetings
    • Record keeping and status updates
    • Maintain record of contracts
    • Participate and contribute at Project Formulation and appraisal
    • Quarterly Project Reviews
    • Focal point for ADB,IDB WB and other financial Institutions
    • Coordinate IFI sponsored training and workshops and seek assistance for new training/workshops
  • Legal affairs
  • Review and Comment on Loan Agreements
  • Review and Comment on Contract Agreements
  • Assist and take part in negotiation of Loans and Contracts

External Debt Management

  • Accounting
    • Process of Loan Agreement
    • Process loan disbursement requests and monitor payments
    • Maintain register of contracts under ongoing projects
    • Process documents for Issuance of Promissory Notes and Government Guarantees
    • Debt Servicing
    • Maintain Loan Accounts
    • Monitor Loan Covenants
  • Debt Recording, Reporting and Monitoring
    • Manage Debt Recording System (CS-DRMS)
    • Debt Recording and reporting for National Budget
    • Debt Recording and reporting to International Organizations
    • Manage Subsidiary loan Agreements (on lending)

    Portfolio Review and Debt Sustainability

    • Conduct bi-annual Debt Portfolio Review
    • Conduct Periodic Debt Sustainability Analysis including
    • Sensitivity Analysis
  • Legal affairs
    • Review and Comment on Loan Agreements
    • Review and Comment on Contract Agreements
    • Assist and take part in negotiation of Loans and Contracts
  • Aid Coordination Unit
    • Mobilize financing to meet funding gap
    • Streamline aid management and coordination framework between MoFT, MoFA, and MPND
    • Support continuous dialogue between the government and donors within the framework of the MPF
    • Track resources pledged and committed by donors using DAD
    • Mobilize new TAs and Grants from IFIs for funding gaps (to fill funding gaps including that of private sector and NGOs)