Wednesday 24th Jul 2024
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Printing money

Money-Printing Machine On Roof Of President's Office All That's Needed To Keep Govt Running: MP Shiyam

MP Ahmed Shiyam (Naifaru) stated that the government would currently run the way it is going without a President if only a money-printing machine were to be installed on the roof of the President's Office.
In response to the Covid-19 pandemic in 2020, the Ministry of Finance had successfully requested the Majlis for a suspension of adherence to certain articles in the Fiscal Responsibility Act in order to print money.
The Ministry of Finance has now requested the Majlis for an extension of that suspension for an additional year. This is the third time that the Ministry of Finance has requested that suspension for the purposes of printing more money.
During the debate that ensued in the Majlis, MP Shiyam said that he no longer saw the purpose of a Minister of Finance. He said that the Ministry sends a massive report every time this suspension is requested, and that the report makes several promises. However, MP Shiyam said that he has not seen any of these promises be fulfilled.
MP Shiyam stated that as per the Fiscal Responsibility Act, funds taken by overdrafting the Maldives Monetary Authority's public account should only be used for development projects. He alleged that despite this requirement, the printed money had not been put towards such projects. Instead, he said, the money had been used to pay the salaries of political appointees and other recurrent costs of the government.
MP Shiyam said that he no longer saw the purpose of a President, either. He said that if a money-printing machine were to be placed on the roof of the President's Office, the government would run the way it is going.
He said that according to a 2019 report released by the World Bank, the Maldivian economy had been among those most severely-affected by the pandemic. He stated that the harm to the economy was not because of the virus. MP Shiyam said that the the government had, at the time, been in the practice of blaming the prior government for their current problems. After the pandemic, the government has consistently used it as an excuse for their failures.