Former President Mohamed Nasheed warned today that using money from the Pension Fund to cover government expenses, contrary to the fund’s main purpose, is a grave mistake that could destroy the Maldives’ finances.

This issue has intensified after the Central Bank (MMA) invested 2.5 billion rufiyaa in the Pension Fund, and the government attempted to conduct a transaction to reinvest that money back into government bonds. In protest against this, the Pension Office Board Chairperson Dr. Ahmed Inaaz, board member representing private businesses Saruvash Adam, and the office’s Chief Financial Officer (CFO) Hawa Fajuwa resigned from their positions.

Despite their resignations, rumors have spread that the current Pension Office Board has approved using the money as the government desired. However, the Pension Office has not proactively disclosed information regarding this major decision affecting the public interest, nor have they confirmed or denied it when journalists called to inquire.

Reflecting on the Pension Law introduced during President Nasheed’s administration, he stated on social media that the fund comprises 14 percent deducted from the salaries of employees and employers, saved to provide pensions in old age. Therefore, that money must be invested in profitable and good ventures, and using it to pay government salaries and cover recurrent expenses is absolutely unacceptable, Nasheed said.

Describing the current situation as like “sitting with eyes closed, falling into a pit,” Nasheed has pleaded not to destroy the Maldives’ finances. Financial and political experts are also expressing concern about the pension fund—which affects the rights of all working citizens in the Maldives—being used in this manner. Some describe it as similar to printing money—a dangerous practice and gross negligence toward the pension fund.