Hawwa Fajwa, the Chief Financial Officer (CFO) of the Pension Office, has resigned amid government plans to print money.

In a post on her LinkedIn account, Fajwa said the decision was made after careful deliberation. But she did not state a reason for the resignation.

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.

Earlier, on October 22, Ahmed Saruvash Adam resigned from the Pension Office board in protest against the plans to print money.

"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.