Ahmed Saruvash Adam has resigned from the Pension Office board in protest against the plans to print money.
President Mohamed Muizzu promised to maintain economic stability without printing money. But the promise has been broken with the plans.
Under the plan, the central bank Maldives Monetary Authority (MMA) will give money to the Pension Office. The Pension Office will then invest the money in a Finance Ministry bond.
"I believe it raises serious legal, fiduciary, and economic concerns, and I chose to step down to uphold the principles of prudence, integrity, and institutional independence," Saruvash said in a post on social media X.
The government refuses to acknowledge that this is money printing, with some officials insisting that the plan does not involve injecting money and is only an investment.
Quoting an official from the Finance Ministry, Mihaaru news said the transaction was a planned "investment instrument" and that this is is a common practice among central banks.
The government says the money will be used to pay off debts owed to private companies.
Former Finance Minister Ibrahim Ameer and other experts who spoke to Adhadhu said the plan violates Public Finance Act and the Fiscal Responsibility Act.
