CFO of pension office resigns
Fajwa, in her role as CFO, also faced criticism related to the purchase of the government bond using pension fund money.
Pension Office Chief Financial Officer (CFO) Hawwa Fajwa has resigned from her post.
Fajwa announced her resignation in a LinkedIn post on Tuesday but did not state a reason. She noted that the decision was made after careful consideration.
Last month, Pension Office Board Member Ahmed Saruvash Adam resigned in protest following the board’s majority decision to raise MVR 2.4 billion from the Maldives Monetary Authority (MMA) to invest in a government Treasury bond. He said the move could harm pension fund members and the wider economy, citing legal and economic concerns regarding the transaction.
Fajwa, in her role as CFO, also faced criticism related to the purchase of the government bond using pension fund money.
She assumed the position of CFO on 22 October 2023. Before that, she served as Chief Public Accountant at the Ministry of Finance. Fajwa has worked as a Chartered Accountant and Licensed Auditor in the Maldives for more than ten years.
The MMA has proposed converting the MVR 2.4 billion government bonds currently held by the pension fund into five-year long-term bonds in the secondary market. Under the plan, the pension fund would reinvest MVR 2.4 billion in a new government bond using funds paid by the MMA.
This process, known as quantitative easing, raises concerns that it could increase the amount of Maldivian rufiyaa in circulation, weaken the currency’s value, and lead to inflation or higher commodity prices.
