President Ibrahim Mohamed Solih’s government has printed over MVR eight billion, the PPM-PNC presidential candidate, Dr. Mohammed Muizzu, has said.
Speaking at a campaign rally at Kaafu Thulusdhoo, Muizzu emphasized that this is the largest quantity ever printed, surpassing the cumulative amount printed by all previous administrations.
Muizzu said the incumbent government is misusing its supermajority in the Parliament to suspend some provisions of the Public Finance Act, granting it the ability to print money without constraints.
"This is why the country's economy is getting destroyed," he said.
The parliament had previously approved an overdraft of MVR 4.2 billion at the request of the Finance Ministry during the height of the COVID-19 pandemic to facilitate immediate state operations. The Parliament passed the suspension of some provisions of the Public Expenditure Accountability Act in April 2020, but the suspension period was later extended. The extension requested by the government will expire by the end of this year.
