MIFCO Seeks Reduction from MVR 25 per kg of fish

Towards the end of September, the cost of fish per kilogram stood at MVR 25. Despite the price surge, MIFCO has announced its intention to reassess the pricing.

Ismail Fauzi, the Managing Director of MIFCO, has disclosed ongoing discussions with the Finance Ministry and governmental bodies to reconsider the fish price. He emphasized that, given the current market valuation, the price should ideally be at MVR 20 or even lower. He expressed concerns that failure to align the price with market conditions would pose significant challenges for the company in covering its operational expenses.

He elaborated, "Meeting expenses has become increasingly challenging, with many outstanding bills due to the price revision. MVR 20 is more in line with the prevailing market rates, and we must keep our prices below that threshold to sustain MIFCO's operations."

Fauzi emphasized the vital role of government support, highlighting that the delay in settling fishermen's bills was linked to the price increase.

For the ongoing fiscal year, the state government has allocated MVR 250 million to MIFCO. However, with the proposed price adjustment, this allocation is expected to double.

The cost at which fishermen purchase fish has risen from MVR 17 to MVR 25, and this change occurred shortly before the elections. At the time, the government had cited promising negotiations to reduce the monthly sales to the European market by 22%, which was expected to materialize soon.