The government has announced efforts to stabilise the prices of essential food items during the upcoming Holy month of Ramadan, which is set to begin on 1 March. Minister of Economic Development and Trade Mohamed Saeed stated on Tuesday that measures are being taken to ensure price stability for 141 food items throughout the month.
The initiative carried out in collaboration with the State Trading Organisation (STO), aims to prevent price fluctuations during the fasting period. According to Minister Saeed, 32 of the 141 monitored items have been categorised as essential, and the government will oversee market prices to ensure affordability for consumers.
Efforts to maintain price stability have been ongoing since October last year, with the Ministry of Economic Development and Trade establishing a platform to monitor commodity prices. The Minister noted that the availability of goods in the Maldives depends on import volumes and that the government is prepared to source unavailable items from alternative suppliers abroad.
The list of monitored goods includes 93 basic household items, 38 varieties of fruits and vegetables, and 10 types of fish and seafood. To support these efforts, the government is facilitating bulk imports and improving storage and warehousing capabilities.
As part of the long-term strategy, the government plans to establish warehouse facilities across different regions of the country. Minister Saeed revealed that the state-owned Maldives Industrial Development Freezone (MIDFZ) Company is spearheading the initiative, with plans to designate land for storage facilities in various locations.
“The reason for the establishment of the company is that there is idle land throughout the country without any economic activities. So the President has decided to identify the best areas for bulk storage,” Minister Saeed explained.
While the current measures aim to keep prices stable for Ramadan, Minister Saeed acknowledged that they are not sustainable in the long term. The government’s long-term goal is to develop a warehouse network that will help maintain price stability beyond seasonal fluctuations.
