Pension Office Chairman Ahmed Inaaz has resigned from his post over the government’s decision to issue a MVR 2.4 billion bond.
Inaaz, a former finance minister, said the move to effectively print money through the bond, via the Maldives Monetary Authority (MMA), would be highly damaging given the country’s current economic situation. He added that the transaction was not technically acceptable, prompting his resignation.
In a post shared on social media, Inaaz said efforts to find an alternative solution to the bond issue had failed, and warned that there was no sustainable approach to the MVR 2.4 billion transaction amid the state’s deteriorating finances.
With concerns raised about the bond, three members of the Pension Office board have now resigned: Inaaz, Ashraf Rasheed, and Ahmed Saruvash Adam. The office’s Chief Financial Officer, Hawwa Fajwa, has also resigned after refusing to sign documents related to the bond issue.
Inaaz, a former finance minister, said the move to effectively print money through the bond, via the Maldives Monetary Authority (MMA), would be highly damaging given the country’s current economic situation. He added that the transaction was not technically acceptable, prompting his resignation.
In a post shared on social media, Inaaz said efforts to find an alternative solution to the bond issue had failed, and warned that there was no sustainable approach to the MVR 2.4 billion transaction amid the state’s deteriorating finances.
With concerns raised about the bond, three members of the Pension Office board have now resigned: Inaaz, Ashraf Rasheed, and Ahmed Saruvash Adam. The office’s Chief Financial Officer, Hawwa Fajwa, has also resigned after refusing to sign documents related to the bond issue.
