Public Accounts Committee

Public Accounts Committee's 3rd meeting for the year 2023

06 Mar 2023 Number 3

Summary

In today’s meeting, Sovereign Guarantee Agreement of 55,000,000 (Fifty-Five Million) dollar signed between State Trading Organization (STO) and CFIT Inc in order to import essential commodities for STO and currency swap of 200,000,000 (Two Hundred Million) dollar signed between Maldives Monetary Authority and Reserve Bank of India within “Framework on Currency Swap Arrangement for SAARC Currencies 2019-2022” was shared with the committee members. Furthermore, the loan agreement of 4,500,000 (Four Million Five Hundred Thousand) and grant of 4,500,000 (Four Million Five Hundred Thousand) from World Bank, International Development Association (IDA) for “Maldives Atoll Education Development Project” was shared with the members. The committee members discussed the annual report of Auditor General’s Office for the year 2021 along with their second and third quarter report of the year 2022. It was decided to conduct a meeting with Auditor General to discuss the reports further. Fiscal Strategy Statement, State Debt Strategy Statement and Budget Cashflow Plan for the Year 2023 received from Ministry of Finance was shared discussed. And the committee decided to conduct a meeting with Minister of Finance regarding the statements. Later on, copy of the letter Maldives Red Crescent sent to Ministry of Youth, Sports and Community Empowerment requesting to deposit the budget allocated for them was shared. “Maldives Budget Review 2023” by Institute of Tax and Public Policy Committee of the Chartered Accountants of the Maldives was also shared with the committee. Furthermore, a letter by National Integrity Commission claiming that the budget allocated was not sufficient to the commission was discussed among the members and decided to agenda the issue later with further information.

Works

01 Sep 2023

Maldives Red Crescent requesting to deposit the budget allocated for them

Completed

14 Feb 2023

“Maldives Budget Review 2023” by Institute of Tax and Public Policy Committee of the Chartered Accountants of the Maldives

Completed

19 Jan 2023

Paperwork for Sovereign Guarantee Agreement of 55,000,000 dollar signed between State Trading Organization (STO) and CFIT Inc

Completed

19 Jan 2023

The Work of Auditor General's Office for the 3rd Quarter of 2022

Completed

19 Jan 2023

Annual Report of Auditor General's Office for the year 2021

Completed

05 Jan 2023

Paperwork for the Currency Swap of 200M dollar signed between Maldives Monetary Authority and Reserve Bank of India

Completed

25 Dec 2022

Budget Cashflow Plan for the year 2023

Completed

11 Dec 2022

National Integrity Commission's letter regarding allocated budget for the year 2023

Completed

07 Dec 2022

The Work of Auditor General's Office for the 2nd Quarter of 2022

Completed

29 Nov 2022

Paperwork for 4.5M Loan and 4.5M Grant from IDA for Maldives Atoll Education Development Project

Completed

01 Aug 2022

Medium Term Fiscal Strategy and Debt Strategy

Completed

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