Chief Financial Officer of the Maldives Pension Administration Office (MPAO), Hawwa Fajuwa, has resigned from her post amid public scrutiny over a government bond transaction between the Pension Office and the Maldives Monetary Authority (MMA).
Fajuwa announced her resignation in a LinkedIn post on Tuesday, saying the decision came after careful consideration. She did not provide a reason for her departure.
Her resignation follows the board’s approval of a government bond transaction estimated at around MVR 2.4 billion. The arrangement involves selling existing government bonds held by the Pension Office to the MMA and reinvesting the proceeds in new Treasury bonds.
While the Finance Ministry has described the move as a planned investment in safe government instruments, critics argue it resembles money printing, which could increase liquidity in circulation and risk inflationary pressure. The MMA has since proposed converting the bonds into five-year long-term instruments in the secondary market.
The issue has prompted broader concern over the handling of pension funds. Pension Office Board Member Ahmed Saruvash Adam resigned last month, citing legal and economic concerns regarding the transaction. Opposition leaders, including Maldivian Democratic Party (MDP) Chairman Fayyaz Ismail, have also criticised the deal and called for the resignation of the heads of both the MMA and the Pension Office.
Fajuwa was appointed as CFO in October 2023, during the final months of the previous administration. Before joining MPAO, she served as Chief Public Accountant at the Ministry of Finance and has over a decade of experience as a Chartered Accountant and Licensed Auditor.
The Finance Ministry has maintained that the bond transaction aligns with fiscal policy and does not contradict President Dr Mohamed Muizzu’s commitment not to print money.
