Dangerous to dismiss Governor at this juncture: Fayyaz

Opposition Maldivian Democratic Party (MDP) Chairperson Fayyaz Ismail has said that it would be a dangerous step to remove Governor of the central bank Maldives Monetary Authority (MMA) from his position at this juncture when the country is facing economic difficulties.

Parliament's Public Accounts Committee decided yesterday to advise President Dr Mohamed Muizzu to dismiss MMA Governor Ali Hashim.

In a post on social media X, Fayyaz expressed concerns about this decision. He said that this decision demonstrates the lack of forethought and planning on the part of the government.

"Planning and forethought must be at the forefront. I call on President Muizzu's administration to not move in this dangerous direction," Fayyaz, who has previously served as the Economic Minister, said.

The dismissal of the Governor was first proposed by Deputy Speaker of Parliament Ahmed Nazim.

Nazim said that in this moment when the country's economy is facing difficulties, it has been observed that MMA has been unable to fulfill the obligations as per the MMA Act, and that the monetary policy is not being implemented as it should have been.

Governor Hashim then submitted a report to parliament in relation to the Public Accounts Committee's decision to propose his dismissal to the President.

Governor Ali Hashim said that one of the main reasons for the economic difficulties faced and the risk of facing an economic crisis have arisen due to failure to pay heed to the advice provided by MMA and other international financial institutions. Another reason is the failure to implement the fiscal discipline which MMA has advocated for for many years.

He assured that full cooperation and support will be provided by himself and MMA in this instance where the entire State needs to work as one to overcome the economic difficulties presently faced by the country.

Even if the Committee does decide to advise the President to dismiss the Governor, it will only be implemented if passed through a vote in the parliament chambers.