Government to Sign Billions Worth of Projects This Morning Without Bank Board Approval

The government is set to sign more than 200 new projects this morning, amounting to billions of Maldivian Rufiyaa, amid mounting controversy over irregular financing practices and the lack of approval from the Bank of Maldives’ (BML) board of directors.

According to credible sources, the projects, many of them large-scale infrastructure and development contracts  are being financed through the Bank of Maldives under abnormal procedures, bypassing the bank’s standard approval and risk assessment frameworks.Despite the massive sums involved, BML has reportedly not taken any equity or collateral, a move that experts warn could place depositors’ money and public funds in serious jeopardy.

The signings come amid growing criticism that the government is awarding projects without a proper bidding process, with many contracts handed out directly to selected companies. Observers say the absence of competitive tenders and transparent financing arrangements could undermine public confidence and raise corruption risks.

The Bank of Maldives and government officials have yet to issue statements clarifying how the financing was approved or on what basis the projects were selected. Meanwhile, economic experts are calling on the Maldives Monetary Authority (MMA) and the Parliament’s Public Accounts Committee to intervene and investigate before public finances are further exposed.

As the signing ceremony proceeds this morning, questions linger over how billions of rufiyaa are being committed without the approval of BML’s board  and whether the public’s money is being safeguarded or put at risk.