Will hold principles; won't follow govt blindly: Munawwar

Former Finance Minister Ahmed Munawwar, whose name was sent by President Mohamed Muizzu to seek parliamentary approval for his appointment to the post of Governor to the central bank, has said he will stick to his principles and will not do whatever the government says.

The Public Accounts Committee of Parliament is considering the appointment of Munawwar as the new Governor following the removal of former MMA Governor Ali Hashim.

The committee meeting on Monday included an interview with Munawwar.

Munawwar, who is currently also the advisor to the finance minister, was produced before the committee and the committee members asked him many questions during the two-hour meeting.

The committee's Vice Chairman, Eydhafushi constituency PNC member Ahmed Saleem (Red Wave Saleem), said the governor in every government does what the government wants.

Saleem asked whether Munawwar would be such a governor and whether he would have the courage to resign if the government did not follow his recommendations.

"For example, if the government wants to do something that benefits the people, I will not interfere with it. However, as you mentioned, I will discuss and express my dissatisfaction with anything that is harmful to the people and the country," he said.

"And if I have to resign, I will”.

Munawwar has held various positions in the MMA for the past 10 years. He said that after a period of 10 years, he had to leave the MMA because he believed that the changes he wanted to bring could not be brought about. Therefore, his track record is as such, he said.

"I for sure will stick to the principles I believe in. For example, I very much do not believe in the one policy that the MMA should print money when the government asks in any case," he said.

"So, I will have that courage. My track record will show that. I am very much a person who holds to my principles, and I hope to continue to do so”.

Replying to a question by another member, Munawwar supported the previous government's decision to print money during the COVID-19 pandemic. However, he said, the problem is that it was repeated in later years even after the COVID times.

Before opening the questions to the members, the committee chairman, Maamigili MP Gasim Ibrahim, asked questions about the results and goals Munawwar wished to achieve as Governor of the central bank.

Replying directly to Gasim's question, Munawwar said his aim is to make Maldives' financial sector the top in the region. He said:

“In doing those things within the law and regulations, as MMA governor, I will work with the MMA team, banks and government agencies to hopefully work towards making our financial sector the No. 1 in the region,” he said.

Noting that the financial sector currently accounts for 6% of Maldives' GDP, Munawwar said his aim is to double that figure within five years. He said he is confident that it can be done.

"In terms of resources, the most important resource is our people. If we have the right people, we can attract more investment from the region and we can continue to be a financial sector or a financial country like Singapore," he said.

Munawwar’s response to some of the other questions raised by the committee members are summarised as follows:

After the interview, Munawwar received over 70 marks for the post. The committee unanimously approved his appointment.