Former president Abdulla Yameen Abdul Gayyoom has alleged that Maldives Pension Administration Office (MPAO)’s board chairperson Dr. Ahmed Inaz resigned from his post due to efforts by the current administration to launder money via Pension Office.
In October, MPAO’s board approved a financial transaction with the central bank, Maldives Monetary Authority (MMA), in which a government bond worth MVR 2.4 billion is being sold in the secondary market. The move has sparked public concern over potential money printing.
It also set off a series of resignations, beginning with MPAO board member Saruvash Adam on October 22, who pointed to legal and economic concerns about the bond deal without providing details. This was followed on November 4 by the resignation of the Office’s Chief Financial Officer, Hawwa Fajuwa, who said her decision came after careful consideration but did not disclose her reasons.
The latest to resign was Inaz on Sunday. Via a post on X, Inaz said he believes no sustainable solution has been reached regarding the proposed MVR 2.4 billion pension despite extensive discussions.
He further stated that he was resigning effective immediately from his role as chairperson of the MPAO board, citing concerns that raising these funds through the MMA would have a substantial adverse impact in light of the current economic situation.
Referring to his resignation during a PNF event held last night, Yameen said the individual who resigned from MPAO is experienced and education.
“[This is because of] an attempt to launder money within there. An attempt to launder money within the Pension Office,” he alleged.
Yameen emphasized that numbers do not lie, adding the government is desperate to sell a sukuk due to insufficient funds. He alleged that the government is not confident in securing the sale of a sukuk in order to repay a sukuk loan due in April of this year.
The former president added that although the administration sold a large volume of Treasury bills last year, backed by repayment commitments to cover state expenditures, there is no longer any interest in purchasing T-bills.
T-bills issued by the government to raise millions in loans, are typically purchased by the Pension Office, banks, government-owned enterprises, and some private companies.
“T-bills have been sold many times. The banks no longer have an appetite to purchase T-bills,” he added.
Speaking further, Yameen said it does not make him happy to see that the government is short on funds, stressing it is the citizens who suffer the negative consequences of this.
Former president Mohamed Nasheed also commented on Maldives’ debt burdens via a post on X on Sunday. In this regard, he said the government’s debt problem has become a national issue. He argued that the government is merely using borrowed funds to repay previous loans, often at high interest rates, rather than addressing the root causes of the crisis.
He warned that the Maldives is now deeply entangled in a debt trap, and that the government alone cannot resolve the country’s mounting financial crisis.
Nasheed noted that the Maldives faces USD 1.1 billion in total debt obligations this year, including a USD 500 million payment due in April, equivalent to over MVR 15 billion. The government is attempting to raise funds through sukuk and bond sales, including a MVR 2.4 billion bond via the Pension Office to repay debts owed to private companies.
Speaking at Sh. Bilehfahi back in October, President Dr. Mohamed Muizzu assured that the government has no worries regarding the USD 500 million sukuk payment due in April. He expressed confidence that the efforts undertaken in this trajectory will come to fruition.
 
Notably, international financial institutions have raised concerns regarding Maldives’ high debt burdens, and thus, have urged the government to implement urgent fiscal reforms including cutting down state expenditure.