Maldives Pension Administration Office chairperson Ahmed Inaz resigned over a government plan to raise MVR 2.4 billion through a bond linked to the Maldives Monetary Authority, which he called detrimental to the economy. Two other board members and the office's chief finance officer also resigned over the transaction, which critics describe as indirect money creation using pension savings.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
I have resigned as chairperson of the board of the Pension Administration Office because, as I technically believe, raising funds for this transaction through the MMA is detrimental to the economy.
At a time when the state’s financial situation is deteriorating to a worrying level, I am not convinced that the proposed MVR 2.4 billion bond issue, despite multiple negotiations, has led to a sustainable solution.
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Inaz said on X on Sunday that the government’s attempt to raise funds through a MVR 2.4 billion bond was a detrimental decision for the economy.
Word for word from the report in Maldives Republic. Open the report
Meanwhile, the MPAO’s chief finance officer, Hawa Fajwa, has also resigned after refusing to sign documents related to the transaction.
Word for word from the report in Maldives Republic. Open the report
