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PNC members dismiss opposition claims, assure no plans to print money
07 Apr 2025
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Photo: People's Majlis
In a recent parliamentary session, several members representing the People's National Congress (PNC) voiced strong concerns over a resolution put forward by the opposition, describing its contents as misleading and politically driven.
The ruling party lawmakers shared their views in response to the opposition’s motion, which aimed to examine whether the actions of the Government and the Maldives Monetary Authority (MMA) were in breach of the Constitution, relevant laws, and the approved state budget for the current year.
The motion, introduced by Hulhumalé South MP Dr Ahmed Shamheed, was brought amid allegations that the Government had authorised the central bank to issue MVR 14 billion to the Housing Development Corporation (HDC) for land acquisition in Hulhumalé. At the time of debate, the Government had not issued any official clarification on the matter.
Maafannu West MP Mohamed Musthafa addressed the chamber, expressing his view that the resolution had the potential to create unnecessary confusion among the public. He clarified that the current Administration has no intention to authorise the printing of money and noted that he personally holds no position in favour of such a policy. Reflecting on previous financial measures, Musthafa referred to the 2018 period under the MDP government when similar steps were taken. He stated that the current Administration has simply continued previously established procedures, particularly regarding permissions related to public bank account operations.
He further explained that specific sections of the Liability for Public Expenditure Act—those restricting monetary expansion—were temporarily suspended in 2020. This suspension was later extended in both 2021 and 2022. The funds printed during those periods, he added, were later converted into long-term bonds to be repaid over a 50-year period, a move he attributed to contributing factors in the devaluation of the Maldivian rufiyaa and rising inflation.
Feydhoo South MP Ibrahim Didi also weighed in on the resolution, raising concerns about the accuracy of the information presented. Didi said he had engaged directly with Finance Minister Moosa Zameer upon hearing of the opposition’s intention to submit the motion. According to Didi, their discussion confirmed that the minister had neither proposed nor drafted any related document, nor had any formal correspondence been made regarding the matter.
Hulhudhoo MP Mohamed Shahid offered a broader perspective on the resolution’s timing and intent. Aligning with other Government-aligned MPs, he suggested that the move may be politically motivated, particularly in the context of reports that the resolution's proponent, Dr Ahmed Shamheed, is preparing to contest in the party’s upcoming presidential primary. Shahid questioned the necessity of the resolution and noted that, had it been rooted in the genuine public interest, it might have taken a different form.
He also suggested that Parliament’s efforts would be more effectively directed toward examining the governance of previous administrations. Shahid highlighted the financial challenges faced by the current Government upon assuming office, stating that the Administration had taken significant steps to stabilise the economy and initiate developmental projects aligned with President Dr Mohamed Muizzu’s electoral commitments.
Meanwhile, several media outlets have reported that MP Dr Shamheed has formally declared his intention to contest in the upcoming party primaries. These reports indicate that he has begun engaging with party lawmakers in an effort to secure support for his candidacy.
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