Minister of Fisheries and Ocean Resources, Ahmed Shiyam, has announced that MIFCO has successfully transitioned to a self-reliant entity, no longer requiring government subsidies for its operations. While the state previously allocated approximately 1.1 billion Rufiyaa annually to subsidize fish purchases at a rate of 13 Rufiyaa per kilogram, these financial injections have been discontinued following the implementation of strategic operational reforms.
The Minister further clarified that government subsidies are now exclusively directed towards fuel for fishermen, noting that MIFCO procures its fuel at standard commercial rates, similar to other companies. These measures, undertaken under the guidance of the President, aim to ensure the responsible utilization of taxpayer funds and to transform MIFCO into a commercially viable and profitable enterprise. Consequently, MIFCO now independently determines its fish purchase prices based on prevailing international market trends.
