MIFCO to be brought under STO

Credits: avas.mv

The cabinet has voted to bring MIFCO (the government’s main fisheries company) under STO. with this decision, the money needed to pay for fisherman and fishing vessels will be included in the country’s yearly budget as well.

The Co-chair of the Economic Cuncil, minister of fisheries and agriculture Mohamed Shiney stated that since most of MIFCOs money goes into buying oil and diesel for their machinery and boats, it would be very convienient if STO handles the company as STO brings in petroleum into the country. This would be cost efficient and would lower the burden on the government he added. Moreover the money not paid to the fisherman, which amounts upto nearly Rf.2 million and would be easier to pay off via the government budget.

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“All the debts will be paid off and will be restructured and will start with a new beginning.” Minister Shiney added.


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