Govt seeks MVR 3B via T-bills, lists 2.3B in bonds

The government has announced the sale of MVR 3 billion in treasury bills (T-bills) and listed MVR 2.37 billion in bonds on the stock exchange to raise funds for state expenditure.

According to the Finance Ministry, four T-bills were issued on Monday, all maturing next week. The breakdown is as follows:

• MVR 1.005 billion at 3.5% interest, maturing in 28 days  

• MVR 50 million at 3.87%, maturing in 98 days  

• MVR 989 million at 4.23%, maturing in 182 days  

• MVR 907 million at 4.6%, maturing in 364 days

This totals MVR 2.59 billion in T-bills. These instruments are typically purchased by banks, pension funds, and state-owned enterprises.

In addition, the ministry listed six previously issued treasury bonds, already held by the Maldives Pension Administration Office, for secondary market trading. The bonds, totaling MVR 2.37 billion, have the following maturity dates:

• MVR 550 million – October 17  

• MVR 503 million – May 16  

• MVR 309 million – August 14  

• MVR 300 million – April 14  

• MVR 459 million – December 14  

• MVR 250 million – November 25

The listings come amid opposition allegations that the government is indirectly printing money to settle outstanding payments to private businesses. The Maldives Monetary Authority (MMA) is expected to purchase the bonds, with the proceeds invested by the Pension Office and transferred to the government.

President Dr. Mohamed Muizzu had pledged on February 2 to clear MVR 2.3 billion in dues to businesses within five weeks. He and the Finance Ministry maintain that the government is honoring this commitment without violating the pledge not to print money.

The controversy has triggered resignations at the Pension Office. Ahmed Saruvash Adam, a board member representing private businesses, stepped down on October 22, citing legal and economic concerns over the bond deal. Hawwa Fajuwa, the office’s Chief Financial Officer, also resigned shortly after, without publicly stating a reason.