News Desk
Ahmed Inaaz, chairman of the Maldives Pension Administration Office board, resigned on Sunday, citing strong objections to the government’s decision to raise funds through a Mvr 2.4 billion bond issued via the Maldives Monetary Authority (MMA).
In a statement announcing his departure, Inaaz said he believed the financing mechanism posed risks to the country’s economic stability.
“I have resigned as chairman of the board of the Pension Administration Office effective today, as I technically believe that raising funds for this transaction through the MMA is a detrimental decision for the economy in this situation,” he wrote.
Inaaz said he had attempted to resolve the issue internally but was unable to reach a solution through negotiations.
His resignation follows that of board member Sarvash Adam, who stepped down in October. At the time, Sarvash also cited concerns over the MMA‑financed bond, saying in a post on X that the decision conflicted with his responsibilities as a board member.
The bond issue has drawn scrutiny from economists and former officials who warn that using the central bank to finance government borrowing could undermine monetary discipline and increase fiscal vulnerabilities. The government has not yet publicly responded to the resignations.
