MIFCO sets MVR 20 per kilo floor price for fish purchases

Maldives Industrial Fisheries Company (MIFCO) will no longer purchase fish at less than MVR 20 per kilogram, Fisheries and Ocean Resources Minister Ahmed Shiyam said on Tuesday.

Speaking at a press conference at the President’s Office, Shiyam said the state-owned fisheries company had established MVR 20 per kilogram as the minimum purchase price in line with a pledge made by President Mohamed Muizzu.

“In December, the President stated that fish prices would be maintained above MVR 16. Since then, we have successfully set the price at MVR 20 in accordance with his pledge. In line with the President’s commitment, fish is now guaranteed to be purchased at a rate no lower than MVR 20,” Shiyam said.

The minister said MIFCO purchased fish at MVR 21 per kilogram on Monday.

Under the administration of former President Ibrahim Mohamed Solih, the government increased MIFCO’s fish purchase price to MVR 25 per kilogram.

After the Muizzu administration took office, the price was reduced to MVR 16 per kilogram. MIFCO later moved to a system under which purchase prices were determined weekly based on international market prices and costs associated with processing and exporting fish.

Setting a minimum fish purchase price of MVR 20 per kilogram was among Muizzu’s presidential election pledges.

Shiyam said changes had been made to MIFCO’s operations to reduce expenditure and enable the company to maintain the minimum purchase price.

The minister said fuel expenditure was among the areas addressed under the changes.

As part of the arrangement, fuel supplied to fishermen through MIFCO facilities will now be provided and managed directly by State Trading Organisation (STO), Shiyam said.

The government expects the changes to reduce MIFCO’s operating costs while maintaining the MVR 20 per kilogram minimum purchase price.