Gov’t to print over MVR 2bn to fund Ras Malé reclamation

Reliable sources have revealed that the government has decided to print over MVR two billion to finance the Ras Malé reclamation project, raising serious concerns about fiscal transparency and policy contradictions.

Through an anonymous source, RaajjeMV has learned that the Maldives Monetary Authority (MMA) is expected to print the money, which will then be injected into the Pension Fund. The Ministry of Finance would subsequently utilize the Pension Fund to purchase Treasury bills (T-bills), effectively channeling the newly printed money into government coffers under the guise of public investment.

This indirect financing mechanism has not yet been confirmed by the central bank or any government institution. However, if true, the move would contradict recent public assurances made by President Dr. Mohamed Muizzu regarding responsible monetary policy.

During this year’s Independence Day ceremony, Muizzu pledged that his administration would implement its economic agenda without resorting to printing money. His campaign also emphasized that the state had adequate revenue streams and access to refinancing options to support government initiatives and repay existing debts.

The reported decision to print money for Ras Malé, an ambitious and costly infrastructure project, raises questions about the credibility of the government's economic statements and the actual health of state finances. Critics argue that using the Pension Fund as a financial conduit not only undermines public trust but also puts long-term pension security at risk by exposing it to inflationary pressures and fiscal manipulation.

The lack of transparency surrounding the decision and the absence of official confirmation only deepen concerns over accountability and the potential economic consequences of such a move.