Economist and former central bank official Zariyand has warned that the government will have no choice but to print 30 percent of the MVR 26.3 billion needed to manage this year’s cash flow.
In a post on X, Zariyand highlighted what he described as the country’s worsening economic situation. He said government expenditure has increased wastefully, while there are no concrete plans to repay the USD 1.1 billion in debt due this year.
According to him, the state’s usable reserves are now insufficient to cover even one month of imports. As a result, he said the government will be forced to print nearly a third of the MVR 26 billion required for financing this year.
Zariyand warned that printing money would weaken the country’s ability to secure foreign currency and could disrupt essential imports such as fuel, gas and medicines. He said Male' residents would be the most affected if shortages occur.
His remarks come amid allegations that the government is attempting to print MVR 2.4 billion through the Pension Office. Although the move is not officially described as money printing, the Pension Office has decided to proceed with a transaction worth MVR 2.4 billion.
ސަރުކާރުގެ ބޭކާރު ޚަރަދުބޮޑުވެ، މި 2026 ވަނަ އަހަރު ދައްކަންޖެހޭ 1.1 ބިލިޔަން ޑޮލަރުގެދަރަނިދެއްކުމަށް ދެކޮޅުޖެހޭ ރޭވުންތެރިކަމެއް ނެތި، މިވަގުތު ޔޫސަބަލް ރިޒާރވް ގައި 1 މަސްދުވަހެއްގެ އިމްޕޯރޓަށް ބޭނުންވާ މިންވަރަށްވެސް ބޭރު ފައިސާ ނެތި، މި އަހަރަށް ދައުލަތުގެ ކޭޝްފްލޯއަށް…
— Ismail Zariyand (@zariyand) February 9, 2026
The office, responding to widespread criticism, said the Finance Ministry’s investment proposal would not harm the pension fund and would instead help build foreign currency reserves within the fund.
In protest against the proposed investment in a government bond, Pension Office Board Chairman Dr. Ahmed Inaaz, private‑sector representative Saruvash Adam, and the office’s Chief Financial Officer Hawwa Fajuwa have resigned.
Many citizens have expressed concern that the government is exerting undue influence over the pension fund, which receives monthly contributions from more than 200,000 people.