Nazim Asserts Gov’t Will Not Print Money Irresponsibly

Deputy Speaker of Parliament and MP for Dhiggaru, Ahmed Nazim, stated that even if the government were to print money, it would not do so irresponsibly. 

Speaking at a meeting of the Public Accounts Committee, Nazim suggested that the previous administration, led by the Maldivian Democratic Party (MDP), had acted irresponsibly in printing money. He assured that the current government would not repeat such actions.

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The committee was discussing a motion for the dismissal of Deputy Governor of the Maldives Monetary Authority (MMA), Ahmed Imad. During the meeting, opposition MDP MPs raised concerns about MMA’s plan to purchase a plot of land in Hulhumale’ for MVR 14 billion, and urged for further details regarding this plan.

In response, Nazim referred to the government’s budget proposal for this year, which outlined a goal to reduce state debt to MVR 9.3 billion by the end of the year. He expressed confidence that the government would not take any actions that could jeopardise this goal. Nazim further clarified that the government would not print currency in amounts that would exacerbate losses incurred through debt repayment.

He contrasted the current government’s approach with the previous administration, which, he claimed, had printed MVR 8 billion and injected it into the economy. Nazim stressed that such actions would not be repeated under the current government, dismissing claims of plans to print MVR 14 billion or MVR 20 billion as exaggerated attempts to create public discord.

Nazim also highlighted that the government had recently repaid a USD 150 million loan, approximately MVR 2.5 billion, with a six per cent interest rate. He reassured the committee that the government would print money only in amounts that align with its fiscal capacity.

Regarding the potential land purchase, Nazim suggested that if the acquisition were to generate revenue for the state, the first priority of the Finance Ministry would be to repay the government’s debt to MMA, which includes loans taken during the 2004 tsunami.