The failure of the incumbent administration to heed the advice of financial experts on strengthening the Maldives’ economy and manage its debt is leaving them with no choice but to resign, says former Vice President Faisal Naseem.
In a post on X on Monday morning, Faisal accused President Dr. Mohamed Muizzu’s administration of failing to heed the recommendations and counsel of financial institutions and experts on repairing the country’s economy and managing its staggering debt.
“…As a consequence of this, the Maldives’s financial situation has worsened and officials in responsible positions are left with no choice but to resign and go home, and are being forced to do so,” wrote Faisal.
He expressed concern that the USD rate remains high, and the inflation continues to rise, while Small and Medium Enterprises go bankrupt and larger companies also run out of options.
He said that this was worsening the living conditions of ordinary citizens.
“We are seeing dark storm clouds gathering overhead. The government needs to stop wasting the people’s money, support citizens and businesses boost productivity, and heed the advice and instructions of financial experts,” he wrote.
ރާއްޖޭގެ އިޤުތިޞާދު ރަނގަޅު ކުރުމަށާއި ދަރަނި މެނޭޖު ކުރުމަށް މާލީ އިދާރާތަކުންނާއި މާލީ ދާއިރާގެ ތަޖުރިބާކާރުން ދޭ ލަފަޔާ މަޝްވަރާއަށް ސަރުކާރުން ޢަމަލު ނުކުރުމުގެ ނަތީޖާއަކީ، ރާއްޖޭގެ މާލީ ހާލަތު ގޯސްވެ ޒިންމާދާރު މަޤާމުތަކުގައި ތިއްބެވި ބޭފުޅުން އިސްތިއުފާ ދެއްވައި ގެއަށް…
— Faisal Naseem (@FaisalNasym) February 2, 2026
Faisal warned that the Maldivian economy faces immense danger amid the current volatile global climate if the government fails take quick steps to overcome the current financial challenges.
“I urge the government to work on overcoming this as soon as possible,” he wrote.
Faisal remarks accusing the government of failing to heed the advice of financial experts come a day after Dr. Ahmed Inaz resigned as chairperson of the board of Maldives Pension Administration Office (MPAO) over the proposed MVR 2.4 billion pension fund investment in government bonds.
In October, the board of the MPAO approved a decision to sell a government bond in the secondary market in collaboration with the central bank – a move that critics warn will have the same economic implications as money printing.
The move resulted in a string of resignations from MPAO, including that of board director Saruvash Adam and Chief Financial Officer Hawwa Fajwa.
Announcing his resignation in a post on X on Sunday, Inaz said that extensive discussions regarding the government’s MVR 2.4 billion bond proposal at a time when the state’s finances had deteriorated to an alarming level have failed to produce any sustainable solutions.
Inaz said that he believes that securing money for the transaction through the MMA will be significantly damaging to the economy, and was therefore resigning from the MPAO.