Fish per kilogram stood at MVR 25 towards to end of September 2023, and Maldives Industrial Fisheries Company (MIFCO) said that it intends to reassess the pricing.
MIFCO Managing Director Ismail Fauzi disclosed the ongoing discussions with the Ministry of Finance and other relevant government bodies to reconsider fish price. He said that given the current market valuation, price should be at MVR 20 or even lower per kilogram.
Fauzi further expressed concerns that failure to align the price with market conditions would pose challenges for MIFCO in adjusting operational expenses.
“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 said.
For the 2023 fiscal year, the Maldives government allocated MVR 250 million to MFICO, but with the proposed adjustment, the allocation is expected to double.
The cost of fish purchases rose from MVR 17 to 20, and it occurred shortly after the presidential election.