Efforts are in motion to reduce the price at which the Maldives Industrial Fisheries Company Ltd (MIFCO) purchases fish, according to Finance Minister Dr Mohamed Shafeeq. The current purchase price for skipjack tuna stands at MVR 20 per kilo.
This development follows the 2023 presidential election campaign, during which then-President Ibrahim Mohamed Solih increased the price from MVR 17 to MVR 25 per kilo. Prior to this adjustment, fish prices ranged between MVR 16 and MVR 18 per kilo.
Dr Shafeeq revealed the ongoing discussions in response to a question from Deputy Speaker and MP for the Dhiggaru constituency, Ahmed Nazim, during a meeting of the Parliament’s Public Accounts Committee yesterday. Nazim highlighted a letter from the Ministry of Finance indicating that fish prices would be reviewed before 26 July, although he suggested that the review could occur sooner.
Minister Shafeeq emphasised the urgency of expediting the price review, stating, “Issues surrounding MIFCO will be discussed at the earliest Economic Council meeting. The need to hold this council is very important. We have that urgency.”
The government’s budget for subsidies for MIFCO this year amounts to MVR 415 million, with MVR 270 million already spent on the subsidy.
As discussions progress, stakeholders and the fishing community await further announcements regarding the potential changes in the purchasing price of fish.
