Currently, MIFCO purchases skipjack tuna at MVR 20 per kilo. During the 2023 presidential election campaigns, then-President Ibrahim Mohamed Solih had raised the price of fish from MVR 17 to MVR 25. Before this, the prices had ranged between MVR 16 and MVR 18.
Finance Minister Dr Mohamed Shafeeq announced that the Maldives Industrial Fisheries Company Ltd (MIFCO) has begun efforts to reduce the price at which the company purchases fish.
The Minister made these remarks in response to a question from the Deputy Speaker, MP for the Dhangethi constituency, Ahmed Nazim during the Parliament's Public Accounts Committee meeting yesterday.
Referring to the letter sent by the Ministry of Finance, Nazim said the price of fish will be reviewed before July 26. However, he noted that it can be done now as well.
In response, Minister Shafeeq said he intends to expedite the review of fish prices.
"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," he said.
Currently, MIFCO purchases skipjack tuna at MVR 20 per kilo. During the 2023 presidential election campaigns, then-President Ibrahim Mohamed Solih had raised the price of fish from MVR 17 to MVR 25.
Before this, the price of fish ranged between MVR 16 and MVR 18 per kilo.
The budgeted amount for subsidies for MIFCO this year is MVR 415 million. So far, MVR 270 million has been spent on the subsidy.
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