Ahmed Zayan Mohamed, who serves as the representative of the Finance Ministry on the board of the Maldives Monetary Authority (MMA), has submitted his resignation.
This resignation comes as the government is in the process of raising MVR 15 billion by selling a piece of land in Hulhumale’ to MMA. A reliable source has confirmed to Sun that Zayan, who leads the Fiscal Affairs Department, handed in his resignation to the Finance Ministry on Monday.
He is currently on notice and will continue working until May 15. Once his notice period concludes, he will automatically be removed from the MMA board. The Finance Ministry has not yet issued an official statement regarding Zayan’s resignation.
During his 2023 presidential campaign, President Dr. Mohamed Muizzu promised that he would not print money, unlike his predecessor who had done so during the Covid-19 pandemic. He has reiterated this commitment since taking office, highlighting the avoidance of money printing as one of his administration’s significant achievements in its first year.
However, Sun has learned that the administration is negotiating the sale of a large plot of land in Hulhumale’, managed by the Housing Development Corporation (HDC), to MMA for a price between MVR 14 billion and MVR 15 billion. On Sunday evening, President Muizzu met with lawmakers from the ruling PNC at the presidential palace, Muliaage, to discuss this plan.
“A PNC lawmaker present at the meeting mentioned that the president stressed this does not equate to printing money.” It’s important to note that money printing or monetary financing refers to a government borrowing funds from the central bank to cover public spending instead of raising money through bond sales to private investors or increasing taxes.
This practice extends beyond the mere act of physically printing currency. Some economic analysts who spoke to Sun believe the administration is seeking to raise funds to address significant debt obligations due this year.
