CFO of Pension Office Resigns Amid Controversy Over Gov’t Bond Transaction
Hawwa Fajuwa steps down amid bond transaction controversy | Photo: Maldives Pension
The Chief Financial Officer of the Maldives Pension Administration Office, Hawwa Fajuwa, has resigned amid controversy surrounding a government bond transaction involving the central bank.
Fajuwa announced her resignation on LinkedIn yesterday, saying she had made the decision after careful consideration, without providing a reason for her departure.
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Her resignation comes after the Pension Office board approved 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 transaction has prompted public concern over the potential for money printing.
Saruvash Adam, a board member representing private businesses, resigned on 22 October, citing legal and economic concerns regarding the bond deal. He did not elaborate on the specifics of these concerns.
Senior government officials have confirmed the bond sale, but the Finance Ministry has yet to release official details. Some media reports have cited ministry sources indicating that the funds from the bond sale are intended to pay private companies.
President Dr. Mohamed Muizzu has reiterated that MVR 2.3 billion will be paid to private companies without printing new money, a key pledge from his presidential campaign.
