Gov’t Reaffirms Commitment to Curb Rising Commodity Prices

The Minister of Economic Development and Trade, Mohammed Saeed, has reaffirmed the government’s commitment to addressing rising commodity prices, stating that ensuring the affordability of essential goods remains a key priority.

The minister said the government has expanded the national list of basic food products by adding 23 items, including rice, flour and sugar, along with 10 types of vegetables, 10 types of fruits and three other essential food items. These products will be managed by the State Trading Organization to ensure they are available nationwide at affordable prices.

advertisement

As part of efforts to strengthen distribution, the State Trading Organization has opened a wholesale outlet at the Male’ Commercial Harbour and is planning to open a new store in Hulhumale’ ahead of Ramadan. The government is also establishing a network of State Trading Organization agents across islands with populations of more than 3,000 to ensure access to essential goods, including in remote areas.

Addressing concerns about the potential impact on small businesses, the minister said the State Trading Organization would focus on supplying goods to vendors on a wholesale basis rather than competing in the retail market.

He also noted that while 23 items are currently classified as basic necessities, the government would intervene if any other high-impact product becomes unaffordable. To support transparency and price control, a price index has been introduced to monitor the prices of 162 essential items on a daily basis.