Pension Administration Board member Saruvash Adam has resigned in protest against the administration's decision to move forward with the government bonds financed by the Central Bank Maldives, Monetary Authority MMA.
In a post on X, Saruvash said he resigned because the Pension Office is proceeding with the MMA-financed bonds.
He stated that he believed the transaction raises serious legal, fiduciary, and economic concerns.
He added that he chose to step down to uphold the principles of prudence, integrity, and institutional independence.
This comes after the opposition accused the government of using the Pension Administration Office and the MMA to print money to further destabilize the already fragile economy.
MDP said that this government has failed to reduce its expenditure or secure funding for its budget. It said that with no success in obtaining foreign loans or grants, the government has resorted to printing 2.5 billion MVR.
It further said that inflationary pressures are already high due to economic mismanagement.
MDP warned that without a plan of repayment or a plan to spend the money equitably, the printed money will devalue the Maldivian Rufiyaa permanently and significantly increase the cost of goods.
