Pension Office CFO Fajuwa resigns amid bond controversy

Chief Financial Officer of the Maldives Pension Administration Office, Hawwa Fajuwa, has resigned amid growing controversy over a government bond transaction involving the central bank.

Fajuwa announced her resignation on LinkedIn on Tuesday, stating that she had made the decision after careful consideration. She did not disclose the reason for her departure.

Her resignation follows the Pension Office board’s approval of a financial transaction with the Maldives Monetary Authority (MMA) last month, in which a government bond worth MVR 2.5 billion is being sold in the secondary market. The move has sparked public concern over potential money printing.

Saruvash Adam, a board member representing private businesses, resigned on October 22, citing legal and economic concerns over the bond deal. He did not elaborate on the nature of those concerns.

While senior government officials have confirmed the bond sale, the Finance Ministry has yet to officially disclose details of the transaction. Some media outlets have quoted ministry sources saying the funds are intended to pay private companies.

President Dr. Mohamed Muizzu has repeatedly stated that MVR 2.3 billion will be paid to private companies without printing money, a key pledge in his presidential campaign.

Opposition Maldivian Democratic Party (MDP) Chairman Fayyaz Ismail has called for the resignation of the heads of the MMA and the Pension Office, accusing the government of misusing public pension funds.