News DeskMale’ – Ahmed Munawar, the former Minister of Finance, is set to become the new Governor of the Maldives Monetary Authority (MMA). His tenure as Minister of Finance from June 2016 to November 2018 was marked by significant achievements in fiscal consolidation, transparency, and efficiency.
During his time in office, Munawar reduced the fiscal deficit from double digits to less than 3% of GDP, highlighting his commitment to improving the country’s financial health. He increased fiscal transparency by introducing new publications, including a debt bulletin, and launching an informative website.
Munawar streamlined budget execution processes, reducing the time to just over two weeks with the implementation of the paperless digital platform “Baderi Portal.” His initiatives also included the “Beelan Portal” for e-procurement and the “Neelan Portal” for asset auctions, enhancing operational efficiency.
To better monitor and control expenditures, Munawar rolled out SAP accounting software among major offices and integrated SAP’s Business Planning Consolidation for automated budget formulation. He formulated a medium-term debt management policy and established a robust risk mitigation framework.
Under his leadership, the Maldives acquired its first sovereign ratings from Moody’s and Fitch, maintaining a stable outlook. He launched the country’s first $200 million Sovereign Bond listed on the Singapore Stock Exchange and enhanced public investment management following recommendations from the IMF’s Public Investment Management Assessment (PIMA) report.
Munawar’s tenure saw a 30% increase in efficiency and reduced costs due to decentralized public finance regulations and streamlined ministry operations. He established a Public Finance Training Institute and initiated training programs in collaboration with the IMF.
To improve public inquiry response times, Munawar introduced a dedicated call center and helpline, reducing payment-related issue response times by 50%. He also set up the National Pay Research Commission to harmonize public sector pay structures.
Munawar secured over $800 million in external financing for various development projects, notably the expansion of Velana International Airport, showcasing his strategic negotiating skills. His efforts bolstered the nation’s economic framework and improved feedback mechanisms.
As he takes on his new role as Governor of the MMA, Munawar’s tenure as Minister of Finance stands out for its innovation, efficiency, and forward-thinking approach to economic management in the Maldives.
