Muizzu Expresses Concerns Over Govt’s Excessive Money Printing

Dr. Mohamed Muizzu, the People’s National Congress’ (PNC) presidential candidate, has raised concerns regarding the government’s substantial money printing under President Ibrahim Mohamed Solih’s administration. 

In a campaign rally held in Kaafu Thulusdhoo, Dr. Muizzu revealed that the government has printed an unprecedented amount of over MVR eight billion, surpassing the combined total printed by all previous administrations.

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Highlighting the scale of this monetary expansion, Dr. Muizzu pointed out that this excessive printing is enabled by the government’s supermajority in the Parliament, which has allowed them to suspend certain provisions of the Public Finance Act. 

This suspension grants the government the authority to print money without the usual constraints, a move that Dr. Muizzu believes is detrimental to the country’s economy.

Dr. Muizzu asserted, “This unbridled currency printing is contributing to the destruction of our nation’s economy.”

It is worth noting that the Parliament had previously approved an overdraft of MVR 4.2 billion at the request of the Finance Ministry during the height of the COVID-19 pandemic. 

This measure aimed to facilitate immediate state operations. In April 2020, the Parliament had also passed the suspension of specific provisions of the Public Expenditure Accountability Act. However, the government’s request for an extension of this suspension is set to expire by the end of this year.

The concerns raised by Dr. Muizzu highlight the ongoing debate surrounding the government’s financial policies and the implications they may have for the Maldives’ economic stability.