Maldives Industrial Fisheries Company (MIFCO) is pushing for a reevaluation of the fish pricing structure, which saw a significant surge to MVR 25 per kilogram in late September. Managing Director, Ismail Fauzi, has engaged in discussions with the Finance Ministry and relevant governmental bodies to review the pricing in light of current market conditions. Fauzi contends that an ideal price point would be MVR 20 or lower, citing operational challenges for MIFCO should the pricing not be adjusted.
Fauzi stated, "Sustaining operations has become increasingly challenging with pending bills due to the price revision. Aligning prices with the market at around MVR 20 is crucial for the viability of MIFCO."
He underscored the critical role of government support and noted that the delay in settling fishermen's bills was directly tied to the recent price increase.
For the current fiscal year, the state government has allocated MVR 250 million to MIFCO. However, with the proposed price adjustment, this allocation is anticipated to double.
The increase in the cost of fish for fishermen, from MVR 17 to MVR 25, coincided with the period leading up to the elections. The government had previously cited positive negotiations aimed at reducing monthly sales to the European market by 22%, a development expected to materialize soon.