News Desk
The leadership crisis at the Maldives Pension Office has deepened after Chief Executive Officer Sujatha Haleem resigned from her post. Her departure follows growing tension over a government‑driven plan to channel billions of rupees from the pension fund into a controversial bond scheme.
Sujatha informed staff of her resignation today. She had been appointed acting CEO on 31 October before assuming the role formally.
Several senior figures have already stepped down. Board member Ahmed Inaaz, private‑sector representative Sarvash Adam, and Chief Financial Officer Hawa Fajwa all resigned earlier. Their exits highlight the scale of internal disagreement.
The dispute centres on a major investment push. The Maldives Monetary Authority invested MVR 2.5 billion into the pension fund. The Pension Office was then instructed to place the money into a government bond. Critics say this move bypasses normal market mechanisms.
Financial experts warn that the plan resembles money printing. They argue it risks weakening the pension fund and damaging the national economy. Rising money supply could push prices higher and erode household purchasing power.
Despite these warnings, the Pension Office board approved the government’s proposal on Monday. The decision triggered further public concern. More than 200,000 Maldivians contribute to the fund each month.
The Finance Ministry has proposed a MVR 2.4 billion “dual‑currency” treasury bond. It promises returns in both local currency and US dollars. Officials say the bond will strengthen foreign exchange reserves inside the pension fund. They also claim it will extend the duration of the fund’s portfolio and increase long‑term yields.
The Pension Office argues that the transaction avoids buying foreign currency from the market. It also allows short‑term Treasury bills to be converted into longer‑term instruments.
Public debate is intensifying. Many citizens fear the government is using the pension fund as a financial tool. They worry that long‑term savings may be exposed to political risk.
The situation remains fluid. Sujatha’s resignation marks another turning point in a rapidly evolving crisis. The future direction of the Maldives pension system is now under close scrutiny.