STO not competing with others by selling produce: Saeed

Economic Minister Mohamed Saeed stated that State Trading Organization (STO) is not selling fruits and vegetables to compete with other businesses, but rather hopes this move will serve as a permanent solution to the unusually high prices of fruits and vegetables in the Maldivian market.

Speaking at a briefing held by STO regarding its decision to start selling fruits and vegetables as essential commodities, the Minister noted that many of the items STO has begun importing are currently wholesaled by a small number of businesses. He added that STO will establish arrangements to ensure that wholesale traders can purchase these high-quality, reasonably priced items imported by STO.

The Minister stated, "We, the government, are not competing with anyone. We do not wish for any business to incur a loss. We are working to identify essential commodities and facilitate their sale in the market at affordable prices. This is because whenever a certain item becomes expensive, the public always requests STO to import it. Therefore, we believe that importing a wide range of such items will provide a solution to this issue."

The Minister also suggested that STO importing and selling these items at fair prices is expected to have a positive impact on inflation and lead to a reduction in the prices of these goods.

STO has decided to sell 10 varieties of vegetables and 10 varieties of fruits, in addition to lentils, coconuts, and eggs, as essential food items. The vegetables imported by STO include onion, ginger, carrot, eggplant, sweet potato, potato, cabbage, pumpkin, and garlic.

The fruits imported and sold by STO include banana, apple, orange, lemon, Passion fruit, mango, papaya, watermelon, chili pepper, and grapes.