Ministry of Finance operates in a decentralized modus operandi with a number of divisions and sections undertaking several responsibilities.
Fiscal Affairs Department is responsible for the state fiscal policy through its efforts to maintain a sustainable fiscal balance for the government. The department implement and manage the fiscal policy by formulating, monitoring and regulating the implementation of national budget that leans towards the sustainable achievement of the set development goals. It also coordinates with key sectors of the economy through its Macroeconomic Coordination Committee that helps enhance fiscal and monetary harmony within the economy. The department also undertakes research in fiscal area, prepare evidence-based policy guidance papers for the executives and publish reports for the general public on the fiscal position of the government promoting the Ministry’s efforts in enhancing fiscal transparency.
Treasury and Public Accounting department is responsible for the preparations of state financial reports. Additionally, implementation and strengthening the “Centralized payments system” is a key function of the division. The preparation of the state cash flow and its execution by managing the government expenditures based on its revenues is another important work of the department. Furthermore, preparation of the incomes reports of the state and taking measures to collect government’s receivables; reporting and controlling of all public funds; and engaging in investing state funds are important functions of the department. The department also ensures that the government revenues are collected, or recorded, or spent, or invested in accordance with the applicable laws and regulations, and ensures that government assets are procured, or safely maintained, or used, or sold, or disposed, or retired in line with the applicable laws and regulations.
Resource Mobilization division is responsible for mobilizing resources for development projects prioritized by the government for grant or loan financing; and review progress of externally funded projects. Coordination of missions to Maldives related to project work, attend meetings and also make necessary arrangements for participation of government officials in annual meetings of the international financial institutions are also key functions assigned to this division.
Debt Management division is responsible for setting the policy on debt, through the preparation of the Medium Term Debt Management Strategy, annually. Conducting risk assessment of all sovereign borrowings and guarantees is also one of the key responsibilities of the section. The section is also responsible for recording and reporting of debt, handling transactions related to debt servicing and disbursements of donor funded projects, obtaining payment confirmations, as well as maintaining contract ledgers of all contracts signed under externally financed projects. Additionally, as a matter of priority, all records of sovereign and sovereign guaranteed debt, external grants, and on-lent loans are recorded and maintained. Reporting on debt to relevant parties and preparing the necessary debt-related information for the National Budget and servicing of debt according to set schedules are also important functions of the section.
Corporate Affairs departmentperforms a variety of supportive functions to achieve the organizational goals and ensure smooth running of the Ministry. It consists of 6 sections as stated below.
Executive Secretariat Section is accountable to all affairs of the Minister and other political appointees of the Ministry and provide relevant assistance to those officials.
Administrative Section is responsible for all the daily administrative as well as ad hoc tasks ensuring the smooth running of day to day operations of the ministry.
Human Resource Section is responsible for all affairs related personnel management.
Legal Affairs Section is responsible for providing timely legal advice in the dissemination of the functions of the ministry.
Finance and Account Section is responsible for maintaining the accounts and budget of the ministry.
ICT Section is responsible for the maintenance and uninterrupted operation of the central servers including SAP as well as the any other extemporary issues that incur in relation to ICT.
Public Finance Development Service (PFDS) is responsible for reforming the public finance and modernizing the work procedures into the most efficient and technologically enhanced mechanisms. Key initiatives by the unit so far includes the establishment of the Call Centre and the Bandeyri Portal.
National Tender acts as the secretariat body of the National Tender Board. It is mandated to regulate and administer the public procurement function by formulating fair, equitable, transparent, competitive and cost effective policies, procedures and processes for the procurement of goods and services, works, consultancy services; and induce accountability of government agencies in relation to tender. National Tender undertakes all procurements above MVR 2.5 million.
Public Enterprises Monitoring is responsible for monitoring government companies, government shareholding companies and commercial government businesses; evaluating their fiscal status; analyzing their budgets; if required allocating capital from the government; implementing procedures for the distribution of their annual profits; and taking necessary steps in cases where profits are not generated. The division also provides secretarial support for the Privatization and Corporatization Board established under Privatization and Corporatization Law (Law No. 3/3013).
The internal audit function of the Ministry of Finance’s objective is to provide and independent objective opinion to the Minister of Finance and Treasury. These independent findings are used by the officers at the Ministry to take corrective actions and help to overcome and manage the loopholes which could have been undetected previously. Services by the Internal Audit department is designed to add value and improve the daily operations of the Government Maldives. These services will discipline the organizations and makes the government effective in governance, risk management and control.