Former President Abdulla Yameen has characterised plans to indirectly raise money from the pension fund to cover state expenditures as money laundering.
Speaking at a gathering by the People's National Front (PNF), Yameen made the money laundering comment because the government wants to use the pension fund money.
Pension Office Chairman Ahmed Inaaz resigned yesterday (February 1) because of the money laundering attempts, he said.
“A very good academic expert resigned from the pension administration [office] because they tried to launder money,” Yameen said.
Inaaz resigned as the pension board meeting approached to approve the government's plans to print money.
Although the government says it has stopped printing money, economists say subscribing to bonds through the pension office is an indirect way of printing money.
Yameen criticised President Mohamed Muizzu and government officials for saying that it is not printing money.
"Mathematical figures will not lie. Everyone knows that the state does not have money," he said.
The economy is collapsing and there is no way to raise funds, Yameen said.
“We have to raise money. Otherwise, we cannot pay salaries,” he said.
Yameen said he was not happy about this situation because the people face all the losses and negative effects.
Inaaz was the third member to resign from the board of the Pension Office over the government's plan to print money. Earlier, board members Ashraf Rasheed and Ahmed Saruvash Adam had also resigned over the same issue.
Meanwhile, Pension Office Chief Finance Officer Hawwa Fajwa also resigned after refusing to sign a document related to the money printing transaction.
