# International Monetary Fund (IMF) _Multilateral monetary institution; the Maldives has been a member since 1978_ - Type: Multilateral / regional organisation - Also known as: IMF, International Monetary Fund - Website: https://www.imf.org - Last reviewed: 2026-10-29 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. ## Key facts - 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: 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 2026-09-30) - 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: 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 2026-10-29) - The institution: Established in 1944 by 44 countries, "in the aftermath of the Great Depression of the 1930s", with 191 member countries today. ## The Maldives and the Fund _A member since 1978, with a small quota and no programme._ ## What belonging to the Fund involves _Two things, which are often confused: an annual review that every member undergoes, and lending, which only a member in difficulty asks for._ - Article IV consultation: 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 quota: 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. - What is owed: 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. ## What the Maldives agreed, and what it actually drew _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._ 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. - Rapid Credit Facility, 22 April 2020: 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.. SDR 21.2 million agreed, SDR 21.2 million drawn, SDR 16.96 million still outstanding at 30 September 2026. - Stand-By Arrangement, 4 December 2009: A three-year programme, expiring 3 December 2012.. SDR 49.2 million agreed, SDR 8.2 million drawn, nothing outstanding. - Exogenous Shock Facility, 4 December 2009: Approved alongside the Stand-By Arrangement, expiring 3 December 2011.. SDR 8.2 million agreed, SDR 2.05 million drawn, nothing outstanding. **Agreed against drawn, SDR millions** - Approved: Total across the three arrangements. SDR 78.6m - Drawn: Total actually disbursed. SDR 31.45m - Outstanding: Still owed at 30 September 2026. SDR 16.96m ## What the Fund has been saying, and what it has not published _The Board has concluded consultations in 2024, 2025 and, on the record available here, begun one in 2026. Only the 2024 report is public._ A staff mission's end-of-mission statement is the view of the staff team, not of the Executive Board. - 2024: published: The country report for the 2024 Article IV consultation is dated 13 May 2024 and is the most recent published report. - 2025: concluded, not published: 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. - 2026: the mission's findings: 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 other side of the same relationship: 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. ## Timeline - 1944-01-01: The IMF is established. Founded by 44 countries in the aftermath of the Great Depression of the 1930s. - 1978-01-13: The Maldives joins the IMF - 2009-12-04: A Stand-By Arrangement and an Exogenous Shock Facility arrangement are approved. SDR 49.2 million and SDR 8.2 million respectively. Together they remain the only Fund programme the Maldives has had. - 2012-12-03: The Stand-By Arrangement expires. SDR 8.2 million of the SDR 49.2 million approved had been drawn. The Maldives has not entered a Fund programme since. - 2020-04-22: A Rapid Credit Facility disbursement of SDR 21.2 million. An outright emergency drawing during the Covid-19 pandemic, fully disbursed. It is the only Fund credit still outstanding. - 2024-05-13: The 2024 Article IV country report is published - 2025-03-26: The Executive Board concludes the 2025 Article IV consultation. The staff report has not been published; the Fund says the authorities need more time to consider publication. - 2026-06-14: The 2026 Article IV mission ends. Staff projected growth of about 1 per cent for 2026 and said the risk of debt distress remains high. ## Open questions - Will the 2025 Article IV staff report be published, and what has delayed the authorities' consent? - Has the Executive Board concluded the 2026 Article IV consultation, and if so on what date? A third-party repost gives 14 September 2026; no IMF release confirming it was found. - Why did the Maldives draw only SDR 8.2 million of the SDR 49.2 million approved under the 2009 Stand-By Arrangement? ## Sources - [Maldives and the IMF: At a Glance](https://www.imf.org/en/Countries/MDV). International Monetary Fund - [History of Lending Commitments: Maldives, as of 30 September 2026](https://www.imf.org/external/np/fin/tad/extarr2.aspx?memberKey1=645&date1key=2026-09-30). International Monetary Fund - [About the IMF](https://www.imf.org/en/About). International Monetary Fund - [IMF Staff Completes 2026 Article IV Mission to the Maldives](https://www.imf.org/en/news/articles/2026/06/16/pr-26208-maldives-imf-staff-completes-2026-article-iv-mission). International Monetary Fund, 17 June 2026 - [Maldives: 2010 Article IV Consultation—Staff Report, IMF Country Report No. 11/293](https://www.imf.org/external/pubs/ft/scr/2011/cr11293.pdf). International Monetary Fund, September 2011 - [Annual Report 2024](https://mma.gov.mv/documents/Annual%20Report/2024/AR2024%20(English).pdf). Maldives Monetary Authority --- Canonical URL: https://www.goodmorningmaldives.com/entities/international-monetary-fund Source: Good Morning Maldives. Cite the canonical URL when quoting.