Governor of the Maldives Monetary Authority (MMA) Ali Hashim has attributed the looming economic crisis to the government's neglect of advice provided by the MMA and international financial institutions in recent years. He said the central bank had offered critical information, guidance, and support to avert such economic crises.
Hashim’s statements come after the Parliamentary Committee on Public Accounts voted to advise President Dr. Mohamed Muizzu to remove him as MMA Governor. The recommendation, proposed by Deputy Speaker Ahmed Nazim, is based on allegations that Hashim has not adequately fulfilled his responsibilities.
The committee has criticised the MMA for failing to contribute effectively to economic improvements, noting that Hashim did not provide any pertinent advice to the government. As a result, the committee decided to remove Hashim and requested his appearance before them, a request Hashim declined by submitting a report instead.
In his report, Hashim highlighted the efforts of MMA over the past two years to alert the government and stakeholders about the urgent measures needed to safeguard the economy. He emphasised that the current economic challenges and the threat of a crisis stem from the government's disregard for the advice of MMA and a lack of fiscal discipline. He also stressed the need for collective effort to address the crisis.
Following this, the Public Accounts Committee has now given Hashim the final opportunity to appear before the committee to respond to the no confidence motion against him. Chairman of the committee, Parliamentarian Gasim Ibrahim told the committee that a decision would be taken on the matter based on his written reply, if he does not appear before the committee during its next meeting.
The committee found that Hashim had not been performing his duties effectively as governor, particularly at a time when the government was raising funds from the domestic market and required effective regulation. They also noted that the MMA had not advised the government since November 17, 2023, on the key objectives outlined in the MMA Act.