Fisheries Minister Ahmed Shiyam addressed the Parliament today, revealing that the current government lowered the fish purchase price from MVR 25 to MVR 20 to alleviate financial burdens. Responding to questions from MP Yauqoob Abdullah, Minister Shiyam criticized the previous administration for politically motivated price hikes without adequate studies.
President Dr. Mohamed Muizzu’s commitment to maintaining the fish purchase price above MVR 20, considering global market dynamics and reforming Maldives Industrial Fishing Company (MIFCO), was emphasized. Shiyam highlighted the global market rate of USD 1,450 per ton of fish, translating to USD 22 per kilo.
Explaining that the MVR 25 price resulted in a government loss of MVR 2.60 per kilo, Shiyam stated that sustaining this would require a hefty MVR 1.1 billion subsidy. Last year’s MVR 250 fishing subsidy skyrocketed to MVR 500 million when the previous government raised the purchase price, making it financially unsustainable for the government. Minister Shiyam underscored the challenge of covering a staggering MVR 1.1 billion subsidy from government revenues.