Inaz Resigns After Opposing Use of Pension Funds for Government Financing

Ahmed Inaz has resigned as Chairman of the Maldives Pension Administration Office after opposing a government plan to raise funds by utilising pension assets, citing serious economic risks.

In a statement issued following his resignation, Inaz said the decision was taken due to ongoing efforts to proceed with a financing arrangement involving the Pension Office, despite concerns raised at multiple levels. He noted that the government has been seeking to move forward with a proposed MVR 2.4 billion bond at a time when the country’s financial situation remains fragile, and without a viable solution agreed upon through consultations.

Inaz said he could not support plans to raise funds through the Maldives Monetary Authority (MMA) using pension resources, warning that such a move would pose significant harm to the national economy.

“Technically, using pension funds for this transaction through the MMA is a major risk to the economy under current conditions,” Inaz said, adding that this assessment led him to step down from his position with immediate effect.

He stressed that safeguarding pension funds was critical, especially as the Maldives faces mounting economic pressures, and called for responsible decision-making to protect long-term financial stability and sustainable development.