Entity dossier · Multilateral / regional organisation
Multilateral monetary institution; the Maldives has been a member since 1978
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This page records what the Maldives' membership of the IMF consists of: the quota, the three arrangements since 1978, what is still owed, and what the Fund's annual reviews have said. It is a record of the relationship, not a profile of the institution's global work.
Reviewed · Every claim carries an evidence grade and numbered sources Figures taken from the IMF's own country page and its history of lending commitments for the Maldives. A third-party report of a September 2026 Executive Board conclusion is withheld: it could not be confirmed on the IMF's site.
01Snapshot
A member since 1978, with a small quota and no programme.
The International Monetary Fund is a multilateral institution established in 1944 with 191 member countries, which lends to members in balance of payments difficulty and reviews each member's economy under Article IV of its Articles of Agreement. The Maldives joined on 13 January 1978 and holds a quota of SDR 21.2 million. It has had three arrangements with the Fund and is not in a programme; its only outstanding credit is the emergency drawing it made in April 2020.
Maldives membership
13 January 1978.
Maldives quota
SDR 21.2 million. The quota sets the maximum a member is normally expected to contribute and governs its access to Fund resources and its voting weight.
Arrangements since membership
3arrangements
Three: a Stand-By Arrangement and an Exogenous Shock Facility arrangement, both approved on 4 December 2009, and a Rapid Credit Facility disbursement on 22 April 2020.
Outstanding to the Fund
SDR 16.96 million at 30 September 2026, all of it the 2020 Rapid Credit Facility drawing. The IMF's country page gave SDR 19.08 million at 31 March 2026; the balance amortises, so the two figures are consistent at their dates.
As of 30 Sept 2026
In a programme?
No. The last arrangement with a programme attached expired on 3 December 2012. The 2020 drawing was an outright emergency disbursement, not a programme.
Latest Article IV concluded
26March 2025
26 March 2025. The staff report has not been published: the IMF says the authorities need more time to consider publication. The most recent published country report is the one for the 2024 consultation, dated 13 May 2024.
As of 29 Oct 2026
The institution
Established in 1944 by 44 countries, "in the aftermath of the Great Depression of the 1930s", with 191 member countries today.
Also known as IMF · International Monetary Fund
02Membership
Two things, which are often confused: an annual review that every member undergoes, and lending, which only a member in difficulty asks for.
Under Article IV of the IMF's Articles of Agreement the Fund holds bilateral discussions with each member, usually every year. A staff team visits, writes a report, and the Executive Board discusses it. This happens whether or not the member is borrowing, and the report is published only if the member consents.
The Maldives' quota is SDR 21.2 million. A quota determines a member's subscription, its access to Fund resources and its voting weight. It is small: the 2009 Stand-By Arrangement of SDR 49.2 million was described in the staff papers of the time as access of 600 per cent of quota.
SDR 16.96 million at 30 September 2026, all of it from the Rapid Credit Facility disbursement of April 2020. Nothing is outstanding from the 2009 arrangements.
03Lending
In two of the three cases the country took far less than it was approved for. The figures are the Fund's own, in SDR.
Arrangement
An outright emergency disbursement, made during the first months of the Covid-19 pandemic. Not a programme: there are no reviews and no policy conditions attached to drawings.
Agreed, drawn and outstanding
SDR 21.2 million agreed, SDR 21.2 million drawn, SDR 16.96 million still outstanding at 30 September 2026.
Arrangement
A three-year programme, expiring 3 December 2012.
Agreed, drawn and outstanding
SDR 49.2 million agreed, SDR 8.2 million drawn, nothing outstanding.
Arrangement
Approved alongside the Stand-By Arrangement, expiring 3 December 2011.
Agreed, drawn and outstanding
SDR 8.2 million agreed, SDR 2.05 million drawn, nothing outstanding.
Across all three, SDR 78.6 million was agreed and SDR 31.45 million drawn. The Fund's table does not say why the drawings stopped short of the amounts approved.
Agreed against drawn, SDR millions
Approved · Total across the three arrangements
Drawn · Total actually disbursed
Outstanding · Still owed at 30 September 2026
04Surveillance
The Board has concluded consultations in 2024, 2025 and, on the record available here, begun one in 2026. Only the 2024 report is public.
The country report for the 2024 Article IV consultation is dated 13 May 2024 and is the most recent published report.
The Executive Board concluded the 2025 Article IV consultation on 26 March 2025. The staff report has not been released; the IMF's country page says the authorities need more time to consider its publication. Publication requires the member's consent, so the report's absence is the government's decision, not the Fund's.
A mission led by Piyaporn Sodsriwiboon visited Malé from 4 to 14 June 2026. In its end-of-mission statement staff said the economy "showed resilience amid a challenging macroeconomic and financial environment", and that "official bilateral support and increased international reserves mitigated near-term external pressures". They projected real GDP growth of about 1 per cent in 2026, returning to a potential of around 4 per cent over the medium term, and said "the risk of overall and external debt distress remains high" even though recent repayments had alleviated immediate solvency concerns. The stated near-term priority was to "recalibrate the policy mix to sustainably address macroeconomic imbalances, put debt on a downward trajectory".
The MMA's Annual Report 2024 records that the Rapid Credit Facility drawing of 2020 is the only Fund credit outstanding, and that the central bank's own foreign exchange support has instead come from bilateral swap lines, including the agreement signed with the Reserve Bank of India on 7 October 2024 under the SAARC currency swap framework for 2024-2027.
A staff mission's end-of-mission statement is the view of the staff team, not of the Executive Board.
05Timeline
Scroll sideways, or jump to a year.
1944
Founded by 44 countries in the aftermath of the Great Depression of the 1930s.
13 January 1978
4 December 2009
SDR 49.2 million and SDR 8.2 million respectively. Together they remain the only Fund programme the Maldives has had.
3 December 2012
SDR 8.2 million of the SDR 49.2 million approved had been drawn. The Maldives has not entered a Fund programme since.
22 April 2020
An outright emergency drawing during the Covid-19 pandemic, fully disbursed. It is the only Fund credit still outstanding.
13 May 2024
26 March 2025
The staff report has not been published; the Fund says the authorities need more time to consider publication.
14 June 2026
Staff projected growth of about 1 per cent for 2026 and said the risk of debt distress remains high.
06Fact checks & open questions
The Maldives is under an IMF programme.
It is not. The only programme was the 2009 Stand-By Arrangement, which expired on 3 December 2012. The 2020 drawing under the Rapid Credit Facility was an outright emergency disbursement, which carries no programme reviews or conditions.
An Article IV consultation means the IMF is lending to the country.
No. Article IV reviews are held with every member, usually every year, whether or not it borrows.
The IMF has not reviewed the Maldivian economy since 2024.
The Executive Board concluded a consultation on 26 March 2025 and a staff mission completed the 2026 consultation's fieldwork in June 2026. What is missing is publication of the 2025 staff report, which requires the authorities' consent.
Open questions as of 29 October 2026
07Sources
Numbers match the citations throughout the page.
Last reviewed 29 October 2026. Figures taken from the IMF's own country page and its history of lending commitments for the Maldives. A third-party report of a September 2026 Executive Board conclusion is withheld: it could not be confirmed on the IMF's site.
Good Morning Maldives, "International Monetary Fund (IMF)", independent record (graded), retrieved 29 October 2026, www.goodmorningmaldives.com/entities/international-monetary-fund
Add the fact’s own link (#fact-…) to cite one line. Citation guide
AdvertisementGood Morning Maldives
Source 2
History of Lending Commitments: Maldives, as of 30 September 2026
International Monetary Fund
Source 4
IMF Staff Completes 2026 Article IV Mission to the Maldives
International Monetary Fund · 17 June 2026
Source 5
Maldives: 2010 Article IV Consultation—Staff Report, IMF Country Report No. 11/293
International Monetary Fund · September 2011