Today, the Public Accounts Committee of the Parliament recommended the dismissal of Central Bank Governor Ali Hashim. The motion to remove Hashim was spearheaded by the Deputy Speaker of Parliament and Dhiggaru MP Ahmed Nazim (PNC).
Addressing the parliament, Nazim criticised the Maldives Monetary Authority (MMA) for its handling of the nation’s economy. He argued that the objectives set out in the legislation have not been achieved and that current monetary policies are ineffective. “The country’s economy has been in decline, and monetary policy is not functioning in its most appropriate manner,” Nazim stated.
The Public Accounts Committee initiated an investigation into these claims, offering Hashim the opportunity to respond twice within the week. However, Hashim, citing illness, did not attend either meeting and instead opted to send a detailed report on the financial situation to parliament.
Hashim’s inability to attend the scheduled meetings today prompted the committee to push for a decision. Committee chair Maamigili MP Qasim Ibrahim (JP) had suggested that the committee’s proceedings be kept confidential, but this proposal was rejected, leading to an open meeting.
Committee members expressed frustration over Hashim’s absence during such a critical period for the country’s economy. Ahmed Saleem, MP for Edhafushi (PNC), emphasised the governor’s failure to implement recommended measures, despite acknowledging them in his report. “Therefore, I propose to remove him from the post today and recommend to the President to appoint a competent person,” Saleem asserted.
Qasim Ibrahim added that Hashim had requested members submit further questions in writing due to his inability to attend. However, this suggestion did not garner support from the committee members.
The committee’s discontent culminated in a unanimous vote to recommend Hashim’s removal. Nazim remarked that Hashim had been given adequate opportunities to address the committee’s concerns as per constitutional and MMA Act requirements, but had refused to engage. He also noted additional findings by the 241 Committee, which revealed that the MMA was obstructing the efforts of the police and the Home Ministry.
The Finance Ministry further criticised the MMA for failing to implement necessary regulations to recover state funds and for not providing advice since the current government took office.
In his report to parliament, Hashim countered the allegations, stating that the government had disregarded the advice and recommendations of the MMA and international financial institutions. He emphasised that the MMA was actively working to prevent the country from plunging into a deeper economic crisis.
The Public Accounts Committee’s recommendation now awaits presidential action. As the nation grapples with economic challenges, the call for new leadership at the MMA underscores the urgency for effective and responsive monetary policy to steer the Maldives towards stability and growth.
