MMA dismisses three advisors and abolishes the positions!
Following a structural reorganization at the Maldives Monetary Authority (MMA), three advisors with over 25 years of service have been dismissed. This move coincides with the government’s preparations for a 2.4 billion Rufiyaa transaction involving the Pension Fund—a maneuver critics have likened to money printing. The controversy surrounding this transaction has already led to the recent resignations of several high-ranking officials at the Pension Office.
Mariyam Shifa, Idhuham Hussain, and Mariyam Hussain Didi | RaajjeMV | Raajje MV
The Maldives Monetary Authority (MMA) has dismissed its three advisors and officially abolished the advisory positions.
The Board of the Maldives Monetary Authority (MMA) decided on Tuesday to restructure the authority’s internal organization and abolish the role of advisors. Following this decision, three individuals serving as advisors to the Governor have been dismissed from their positions. An official from the MMA confirmed these developments to RaajjeTV.
The three officials dismissed from their positions are Mariyam Hussain Didi, Idhuham Hussain, and Mariyam Shifa. All three are long-serving staff members of the authority. Each of the three officials has dedicated more than 25 years of service to the Maldives Monetary Authority (MMA).
Following this decision, the MMA has issued notices to the advisors, offering them two options. The first option allows them to remain in their positions for three months, after which their roles will be abolished with an additional three months' salary and benefits. Alternatively, they may choose to have their positions abolished immediately, receiving six months' pay and benefits in lieu of the notice period.
The abolition of this position comes at a time when President Dr. Mohamed Muizzu's administration has decided to move forward with a deceptive scheme to print 2.4 billion Rufiyaa.
Under this arrangement, the Pension Office intends to raise funds by selling previously acquired bonds to the Maldives Monetary Authority (MMA). The proceeds received from the MMA will then be reinvested by the Pension Office into long-term government bonds.
Warning that the transaction would inflict irreparable economic damage on the state, several high-ranking officials have resigned in protest. These include the Chairperson of the Pension Office, Dr. Ahmed Inaz, CEO Sujatha Haleem, CFO Hawwa Fajwa, and Saruvash Adam, who represented the private sector on the board. The officials highlighted that since the Pension Fund currently lacks the required 2.4 billion Rufiyaa, any attempt to facilitate the deal through the Maldives Monetary Authority (MMA) would necessitate the printing of new currency.
The Maldives Monetary Authority (MMA) was unavailable for an official comment regarding this matter.
