06 February 2022 Share Tweet

The key function of the Treasury includes managing the cash flows of the government, raising funds and investing available funds, executing payments and sanctioning and disbursing government loans in lieu with the Public Finance Act 2006 (PFA) and Public Finance Regulation (PFR); and maintaining the respective records.

Cash management & Public Bank Account (PBA)

Cash management is also a vital component of the Treasury. It involves ensuring that cash is dispersed in a timely manner to each accountable government agency in accordance with the budget. Additionally managing the government bank accounts by avoiding idle balances; investing during periods of surplus; and minimizing borrowing costs are important aspects of cash management.

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Public Accounts System

The Public Accounting System (PAS) used by the government, System Application Product (SAP) facilitates all stages of the financial management cycle starting with planning and setting the budget framework, through to reporting and review of the outcome of the budget.

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Asset & Loan Management

Asset management is a key component of the Treasury. Asset management includes; compilation, upkeep and valuation of all the state-owned lands and fixed assets in the Maldives and overseas; ensuring that all the acquisitions, maintenance, and use of the government’s assets are in accordance with the Public Finance Act 2006 (PFA) and Public Finance Regulation (PFR).

Loan management is another key component of the Treasury. Loan management is governed by the Public Finance Act. The issuance of the subsequent loans are coordinated with the respective and relevant authorities’ and professional bodies. Government liabilities incurred from the loans are recorded in the Public Accounting System.

Consolidated Financial Statements

The Treasury publishes bi-annual and annual financial statements for the Government of Maldives (GoM). The financial statements provide the records of the GoM financial performance and financial position. The financial statements are produced and reported in accordance with the Public Finance Regulations. The International Public Sector Accounting Standard’s (IPSAS) Cash Basis is followed for reporting of GoM financial statements. The Government is working to move to IPSAS Accrual Basis in the near future.

2018-GOM Financial Statements (Audited)