Pension Office Chair Resigns Over ‘Money Printing’ Plan Involving MVR 2.4bn Bond

The chairperson of the Maldives Pension Administration Office (MPAO), Ahmed Inaz, resigned over a government plan to raise MVR 2.4 billion through a bond linked to the Maldives Monetary Authority, which he described as illegal money creation. Inaz stated that the transaction would be detrimental to the economy. He is the third board member to resign, following Ashraf Rasheed and Ahmed Sarvash Adam. The MPAO's chief finance officer, Hawa Fajwa, also resigned after refusing to sign related documents. Inaz said negotiations failed to reach a sustainable solution. Critics argue the bond structure amounts to indirect money printing using pension savings.

The chairperson of the Maldives Pension Administration Office (MPAO), Ahmed Inaz, resigned over a government plan to raise MVR 2.4 billion through a bond linked to the Maldives Monetary Authority, which he described as illegal money creation. Inaz stated that the transaction would be detrimental to the economy. He is the third board member to resign, following Ashraf Rasheed and Ahmed Sarvash Adam. The MPAO's chief finance officer, Hawa Fajwa, also resigned after refusing to sign related documents. Inaz said negotiations failed to reach a sustainable solution. Critics argue the bond structure amounts to indirect money printing using pension savings.

The chairperson of the Maldives Pension Administration Office (MPAO), Ahmed Inaz, resigned over a government plan to raise MVR 2.4 billion through a bond linked to the Maldives Monetary Authority, which he described as illegal money creation. Inaz stated that the transaction would be detrimental to the economy. He is the third board member to resign, following Ashraf Rasheed and Ahmed Sarvash Adam. The MPAO's chief finance officer, Hawa Fajwa, also resigned after refusing to sign related documents. Inaz said negotiations failed to reach a sustainable solution. Critics argue the bond structure amounts to indirect money printing using pension savings.

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