MP Mohamed Saeed (Maavah), the Vice President of the opposition People’s National Congress, has expressed his concern that the governor of the Maldives Monetary Authority (MMA) has chosen to remain silent as the government prepares to print millions of Rufiyaa.
In a tweet he posted today, MP Saeed said that printing money was dangerous. He called on the governor of the MMA to speak out as the government, without any accountability, abuses its parliamentary majority to lock-down laws and wantonly print and borrow money.
The government had first printed money in 2020 after suspending several articles in the Fiscal Responsibility Act. After borrowing MVR 4.4 billion from the MMA, the government had claimed that it could be returned in a year. However, after that year had passed, the repayment date had been extended. As the repayment date next April draws closer, the government plans to request an extension for another year.
Experts warn that the government’s practice of borrowing heavily from the MMA poses severe risks to the Maldivian economy. However, Finance Minister Ameer has said that not printing the money would mean that state employees would not have their salaries paid and the government’s PSIP projects would come to a halt.