The Maldives Economic Council has recently decided to reduce the purchase price of fish from MVR 25 to MVR 20 per kilogram for the Maldives Industrial Fisheries Company (MIFCO). Although this decision has not been officially announced, it is believed to be influenced by the current economic challenges facing the country.
Established in 2012, the Economic Council, currently chaired by Economic Minister Mohammed Saeed, provides advice to the President on economic matters. However, any decisions made by the Council require approval from the President before implementation.
The initial fish purchase price of MVR 25 was introduced by former President Solih in mid-September, coinciding with the presidential election period. Campaign promises during that time focused on improving the financial situation for the fishing industry. Despite these efforts, concerns have been raised by fishermen’s associations regarding the inflexibility of fixed pricing models.
Following the price increase, Ensis Fisheries, a significant private fisheries company, has ceased fish purchases and closed its canning factory. The Fisheries Ministry has acknowledged outstanding payments to fishermen, amounting to MVR 200 million, inherited by the current government. Fisheries Minister Ahmed Shiyam is collaborating with President Muizzu to address the situation and ensure timely payments to fishermen within two weeks of their catch being bought.
