MIFCO Will No Longer Purchase Fish from Fishermen Below MVR 20: Minister Shiyam

State fisheries company MIFCO will no longer purchase fish from local fishermen below MVR 20 per kilogram, ensuring fair prices in line with President Dr. Mohamed Muizzu's pledge, Minister of Fisheries and Ocean Resources Ahmed Shiyam stated.

Speaking at a press conference held at the President's Office today, Minister Shiyam noted that MIFCO’s fish purchase rates remain transparent and publicly available, and prices will now be maintained sustainably under the established mechanism.

"What we are observing now is that MIFCO will no longer buy fish at a rate lower than twenty Rufiyaa," the Minister said.

Minister Shiyam pointed out that on the last National Fishermen’s Day, the President initially pledged to maintain a baseline price of no less than MVR 16 per kilogram. However, through ongoing industry reforms and key strategic measures, that floor price has successfully risen to no less than MVR 20.

"On the last Fishermen's Day, the President stated that fish prices would be maintained at a rate not lower than sixteen Rufiyaa. The pricing evolved through several key phases to reach this point," Shiyam said.

Addressing the opportunities and challenges in international markets, the Minister emphasized that Maldivian fish products have made significant progress globally.

"We have succeeded in removing the red advisory previously placed by the US Monterey Bay Aquarium, with our fish receiving the 'Best Choice' approval this past March. Additionally, the tariffs previously levied on our fish exports to the United Kingdom were also suspended in March," Shiyam stated.

Furthermore, noting the steps taken to strengthen MIFCO's operations and reduce overhead, the Minister mentioned that all fuel distribution across MIFCO facilities is now managed through the State Trading Organization (STO) to control costs and minimize leakage.

Highlighting that market rates have continued to climb, Minister Shiyam added that private companies operating in the fisheries sector have recently been buying fish alongside MIFCO at rates between MVR 21 and MVR 22 per kilogram. Fostering such a competitive open market environment strengthens the overall industry and ensures that the true economic benefits flow directly to the fishermen.