MMA Governor calls to reduce expenses, as last request before resignation

MMA Governor Dr Fazeel Najeeb has, as his last request before his resignation from the post, called on the government to reduce its expenses.

Speaking to reporters today, Dr Fazeel Najeeb said that the biggest challenge faced by the Maldivian economy is that the expenses of the state institutions are too high. He said that the government resorts to printing money to pay its bills.

“A central bank should never print money at a time when the economy is this weak, especially when problems are being faced in the foreign exchange market,” he said.

He explained that purchasing foreign currency is becoming increasingly difficult due to the excess in Maldivian Rufiyaa, and in order to overcome this problem, the central bank should stop printing money.

Dr Fazeel Najeeb highlighted the crucial role of the parliament in improving the economy, and called on the parliament to pass the bills necessary to increase income and improve the government structure.

He said that despite the introduction of the monetary policy framework, the results have not been positive; and urged the government to tighten its fiscal policy.

As achievements during his five-year term as Governor, Dr Fazeel Najeeb noted the introduction of the banking law, the banks and the financial sector regulation, the insurance sector regulation, and the progress made at operational level under the anti-money laundering structure.

Projects to be completed, he said, include passing a money laundering law, revision of the banking law, passing an MMA law, and passing an insurance law.

Dr Fazeel Najeeb said that most of these laws have been compiled and sent to the relevant authorities.

When asked what he would work with after his resignation, he said, “From here I will go home.”

When asked if he would accept a post in the government, Dr Fazeel Najeeb said that he would not accept any salary from the government, and that if he did serve the government, he would do it for free. He said that he would not be involved in politics.