MIFCO Did Not Inform Government Before Price Hike, Minister Says

Minister of Economic Development and Trade, Mohamed Saeed, said the price of canned fish was increased by Maldives Industrial Fisheries Company Limited (MIFCO) without prior consultation with the government.

Speaking at a press conference held at the President’s Office today, Saeed said the government’s decision to reverse the price increase on the same day was not due to public criticism, but because MIFCO had not informed the government beforehand.

“We were not aware at the time MIFCO brought changes to [the price of] canned fish,” he said, adding that MIFCO is a company with its own management.

He said the President expects to be informed of such decisions, particularly amid ongoing global conflict, noting that it is not the government’s objective for essential goods to become scarce, difficult to obtain, or more expensive.

“In this situation, whether the government or any government-affiliated company does something, the President will want that information. This is because, while a state of war is ongoing in the world, it is not the President’s objective for any item to run out in the Maldives. Nor is it for any item to become difficult to obtain, or for the price of any item to increase,” he said.

Saeed added that once the government became aware of the price increase through media reports, it moved to reverse the decision.

“It was not because criticism was directed [at us] that the price of canned fish was lowered. If the price of any government service or any item brought in by the government increases due to the war, it is something that must be very thoroughly researched,” he said.

He further stated that the government does not want decisions that could negatively affect citizens to be made without prior discussion. While companies may be compelled to make commercial decisions due to circumstances, he noted that the government retains a role in state-owned enterprises within the framework of good governance and corporate governance.

MIFCO had earlier announced an increase in canned fish prices to MVR 18.50 due to rising fuel costs linked to global oil price hikes. The government later reversed the decision, maintaining prices at MVR 17.50 per can and MVR 760 per case.