Maldives Pension Administration Office (MPAO) Chief Financial Officer (CFO) Hawwa Fajuwa has resigned from her post.

In a LinkedIn post, Fajuwa said she had “thought deeply” before deciding to step down as CFO but did not disclose the reason for her resignation.

Fajuwa, who holds a degree in accounting, was appointed CFO of the Pension Office in October 2023, during the final days of the previous administration. Before joining MPAO, she served as Chief Public Accountant at the Ministry of Finance.

Her resignation comes amid ongoing controversy surrounding the MVR 2.4 billion government bond transaction between the Maldives Monetary Authority (MMA) and the Pension Office. Pension Office Board Member Ahmed Saruvash Adam also resigned late last month in connection with the issue.

The government has been seeking to raise funds through the sale of government bonds from the pension fund to the MMA, with the Finance Ministry proposing additional bond purchases valued at around MVR 2.5 billion.

Responding to public concern, the Finance Ministry stated that the transaction is financially secure and does not constitute money printing, emphasizing that it is a planned investment arrangement allowing the pension fund to invest in safe “government instruments” and does not go against President Muizzu’s policy of not printing money.