Fayyaz calls on MMA, Pension Office board to resign

Former Economic Minister and Maldivian Democratic Party (MDP) Chairperson Fayyaz Ismail has accused the government of attempting to misuse public funds and called on board members of the Maldives Monetary Authority (MMA) and the Pension Office to resign if they cannot oppose such actions.

In a post on X, Fayyaz alleged that after “dismantling” Maldives Airports Company Ltd (MACL) and “looting” the MMA and Bank of Maldives (BML), the government is now attempting to “plunder the people’s pension funds.”

“Today it is the responsibility of every employee not to participate in the illegal activities of the government. Participation in harming the country and people, whether out of fear or personal gain, is not an excuse, and is unacceptable,” he wrote.

Fayyaz warned that the public would hold accountable those responsible for what he described as “irreparable damage” to the country. “If you cannot say no to the robbery of the future of the people, I call on the board members of the MMA and the Pension Office to resign,” he added.

His remarks follow the Pension Office board’s approval of a financial transaction with the MMA, involving the sale of a government bond in the secondary market. The move has sparked public concern over potential money printing and fiscal mismanagement.

Saruvash Adam, who represented private businesses on the Pension Office board, resigned on Wednesday in protest. In a post on X, he cited “legal and economic concerns” over the transaction.

I have resigned from the Pension Board after the decision to proceed with the MMA-financed bond.
I believe it raises serious legal, fiduciary, and economic concerns, and I chose to step down to uphold the principles of prudence, integrity, and institutional independence.

— Saruvash Adam (@saruvash) October 22, 2025

Senior government officials have confirmed that the MMA is selling a MVR 2.5 billion bond in the secondary market through the Pension Office. However, the Finance Ministry has yet to officially disclose details of the transaction.

Saruvash previously served as Chief Financial Budget Executive and Head of the Fiscal Affairs Department at the Finance Ministry. He resigned from that post in February 2024 and has also served as Chairman of the Maldives Inland Revenue Authority (MIRA).

Some media outlets have quoted Finance Ministry sources as saying the bond sale is intended to settle state payments owed to private companies.