Maldives stops money printing; budgets still need fixing: IMF

The Hapag-Lloyd delegation including, Capt. Prateek Gandhi – Director Operations, Hapag-Lloyd, Regional Office, Dubai,Mr. Faheem Mir – Manager - Operations, Hapag-Lloyd, Regional Office, Dubai,Mr. Lalith Witanachchi – Vice President, Hapag-Lloyd Lanka (Pvt) Ltd, Mr. Mindaka Dassanayake – General Manager, Hapag-Lloyd Lanka (Pvt) Ltd.,Mr. Rohan Ranasinghe – Terminal Operations Manager, Hapag-Lloyd AG and Mr. Iqram Cuttilan – Managing Director, Aitken Spence Shipping Ltd poses for a pic with SLPA’s Chairman -Admiral Sirimewan Ranasinghe and the Managing Director - Eng. Ganaka Hemachandra. SLPA's Vice Chairman - Eng. Herath M.P. Jayawardhana, Director (Operations) - Mrs. G. Zavia Miskin and Director (Marketing and BD) - Mr. H J K U Kumara are also present.

Dec 05, 2009 (LBO) - The Maldives Monetary Authority (MMA), the archipelago's central bank has stopped printing money which was causing reserve losses, but the country still had to fix its budgets, the International Monetary Fund has said.

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The IMF has given 92.5 million US dollars to shore up foreign reserves of the tourist paradise under two facilities.

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Maldives got 79.5 million US dollars from the IMF's classic bailout facility known as a standby arrangement (SBA).

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Another 13.2 million US dollars came from an exogenous shock facility.

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The Maldives government started heavy deficit spending after the 2004 tsunami, and later started to fill budget gaps by borrowing the domestic currency rufiyaa or printing money from the MMA.

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The unbacked printed money (excess rufiyaa liquidity) causes 'foreign exchange shortages' and ultimately foreign reserve losses when the monetary authority tries to keep a fixed exchange rate peg by selling dollars.

The Maldives rufiyaa is pegged to the US dollar.

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"The program aims to rebuild international reserves to prudent levels while preserving the current exchange rate peg to the U.

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S. dollar," IMF's deputy managing director Takashito Kato said in a statement.

"Monetary policy will