Gov’t Announces New Measures to Reduce Essential Food Prices

President Dr Mohamed Muizzu has introduced policies to lower the prices of essential food items in the Maldives, following a Cabinet meeting that discussed a proposal from the Ministry of Economic Development and Trade.

The Cabinet has resolved to adhere to a specific timeline for the reduction of food prices. Concurrently, the Ministry of Climate Change, Environment, and Energy, in collaboration with relevant stakeholders, is formulating plans to decrease oil consumption by utility companies while increasing the output of renewable energy. In addition, the Ministry of Housing, Land, and Urban Development is tasked with identifying suitable locations for the establishment of modern warehouses and cold storage units to enhance storage capacity nationwide.

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In line with these developments, the President has instructed the State Trading Organization Public Limited (STO) to develop and submit an operational model for these new facilities to the Economic Council for review and implementation.

The Cabinet session also included a decision to reevaluate the fee structure for commercial ports in the Maldives. Maldives Ports Limited (MPL) has been directed to prepare and present a report detailing their recommendations on this matter to the Economic Council.

These measures, initiated by President Muizzu and deliberated upon by the Cabinet, represent a coordinated effort to address economic challenges in the Maldives, particularly in the sectors of food affordability, energy production, and trade infrastructure.

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