Mandate

The current mandate of the ministry as set by the President's Office as at 30th October 2016, are as follows:

  1. Formulate and implement the national budgetary, income, expenditure, and national debt policy.
  2. In collaboration with the central bank, carry out all the needed to implement medium term fiscal policy every fiscal year.
  3. Before commencement of each fiscal year, present national budget along with income forecast for the following year to the parliament, and actual income and expenditure statement of the concluding year.
  4. Manage national income and expenditure in a sustainable manner, based on medium term budget.
  5. Guide and advise state institutions to prepare medium term budgets and compile national budget by coordinating with relevant institutions.
  6. Extend tax base, conduct research on government taxation and formulate tax policies.
  7. Implement government income policy in collaboration with Maldives Inland Revenue Authority.
  8. Monitor and evaluate public spending and formulate policies to reduce public expenditure.
  9. Manage public expenditure in a transparent manner.
  10. Formulate and implement national debt policies and strategies in collaboration with relevant institutions. 
  11. Ensure foreign loans and grants are being disbursed in accordance with the covenants.
  12. Maintain records of loans and grants from foreign countries and international financial institutions, and formulate policies and maintain records on government lending.
  13. Analyze the loans obtained by the state with regard of repayment burden and its impact on economy.
  14. Analyze all government debt raised in order to ascertain the impact on the economy of increased debt burden.
  15. Conducting due diligence of all applications for sovereign guarantee from private sector and performing related duties to issue sovereign guarantees and maintain the related records.
  16. Formulate External Resources Mobilization policy and strategy in collaboration with relevant government institutions.
  17. Seek, evaluate and facilitate financing opportunities for local businesses from international financial institutions.
  18. Analyze and expand on opportunities for development and obtain prospective foreign aid with and assessment of policies and actions of international financial institutions and identify development opportunities in collaboration with relevant government authorities. 
  19. Develop positive relationships with international financial institutions and perform the activities that need to be carried out by the state. 
  20. Assist in deciding on development projects that need to be allocated for annual national budget and assist in formulating public sector investment program that are in-line with national development framework.
  21. Support and advise relevant authorities to ensure equity and sustainability in distribution of wealth in conducting projects to achieve national and local development targets.
  22. Monitor and review performance of Public Sector Investment Program projects, with special focus on “mega” project.
  23. Manage all the existing state properties in Maldives and aboard which are not allocated to any party and sustainably manage items drifting on territorial waters or drifted onto Maldivian shores, unearthed antiques and natural resources.
  24. Facilitate to provide statutory pension to pensioners in collaboration with Maldives Pension Administration Office.
  25. Manage and maintain public finance and accounting system in accordance with the Public Finance Regulations. 
  26. Ensure if the receipt, managing, payment or investment of public funds are in accordance with the law.
  27. Provide guidance on public book-keeping in accordance with established principles and standards.
  28. Establish and implement a transparent and efficient system to obtain goods and services for government institutions.
  29. Establish and implement a cost-effective and efficient public procurement system pertaining to obtaining goods, services and maintenance for Government institutions. 
  30. Evaluate public procurement tenders which are eligible for tender evaluation and inform about the awarding party as per tender evaluation board’s authorization to the requested institution. 
  31. Make necessary amendments to improve efficiency of public procurement system and establish an electronic procurement system.
  32. Coordinate procurement activities of government institutions in accordance with public procurement policies, regulations, guidelines and standards.
  33. Provide guidance and advise to relevant government institutions to improve public procurement system.
  34. Maintain record of public procurement (goods and services) and provide these information in a convenient manner to state agencies as requested.
  35. Manage and operate all legal work in relation to mandate of Ministry of Finance and Treasury.
  36. Ensure if the procurement, storage, usage, auction or disposal of public property are in accordance with the law.
  37. Manage the Secretariat of the National Pay Commission in accordance with the National Pay policy Act. 
  38. Manage the Secretariat of the Privatization and corporatization Board in accordance with the Privatization and Corporation Act. 
  39. Compilation and upkeep of all the land and fixed assets of the government in Maldives and overseas. 
  40. Valuation of all the land and fixed assets of the government in Maldives and overseas. 
  41. Ensuring that all the acquisitions, maintenance, and use of the government’s assets are in accordance with the Public Finance Law and Public finance regulation.
  42. Giving an adequate compensation in accordance with the law to individuals in the event of taking over their personal land and assets for public needs.
  43. Preparation of government’s financial statements, and sending it to the People’s Majlis and relevant agencies in accordance with the Public Finance Law before the end of each financial year.
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