President Dr. Mohamed Muizzu has taken steps to bring down the prices of essential food items in the Maldives. This decision comes after a Cabinet meeting discussed a proposal from the Ministry of Economic Development and Trade.
The Cabinet has decided to follow a specific timeline for reducing food prices. At the same time, the Ministry of Climate Change, Environment, and Energy, along with relevant stakeholders, is working on plans to decrease the consumption of oil by utility companies and increase the use of renewable energy. The Ministry of Housing, Land, and Urban Development has the responsibility of finding suitable locations for modern warehouses and cold storage units to improve storage capacity nationwide.
In response to these initiatives, the President has instructed the State Trading Organization Public Limited (STO) to create and present an operational model for these new facilities to the Economic Council for review and implementation.
During the Cabinet session, there was also a decision to reevaluate the fee structure for commercial ports in the Maldives. Maldives Ports Limited (MPL) has been tasked with preparing and presenting a report with their recommendations on this matter to the Economic Council.
These measures, led by President Muizzu and discussed by the Cabinet, show a coordinated effort to tackle economic challenges in the Maldives, particularly in the areas of food affordability, energy production, and trade infrastructure.
