MIFCO To Buy Fish At Minimum Price of MVR 16, Announces Gov’t

The Maldives Industrial Fisheries Company (MIFCO) has begun purchasing fish at a minimum price of MVR 16 per kilogram starting today.

The change was announced by President Dr Mohamed Muizzu during Fishermen’s Day celebrations held in R. Dhuvaafaru. Under the revised policy, MIFCO will now purchase fish weighing one kilogram and above, lowering the previous minimum weight requirement of 1.5 kilograms, while maintaining the minimum price of MVR 16 per kilogram.

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The President stated that MIFCO will continue to determine purchase prices based on prevailing conditions and may pay higher rates, including MVR 17, MVR 18, or more, depending on the market at the time of purchase. He also noted that the digitisation of fish weighing mechanisms is expected to lead to increased payments to fishermen.

President Muizzu reiterated his election pledge to raise the fish purchase price to MVR 20 per kilogram. While acknowledging delays in implementing the increase, he assured fishermen that the commitment would be fulfilled and said the government remained confident in delivering its promises to the fisheries sector.

Concerns have been raised by some companies in the fishing industry regarding the proposed increase of the tuna purchase price to MVR 20 per kilogram, citing sustainability and cost-related issues.

During the 2023 presidential election campaign, the previous MDP-led government increased the purchase price of fish from MVR 17 to MVR 25, before reducing it to MVR 20 in February last year. On May 1, 2024, MIFCO shifted to an international market-based pricing model, stating that it was not financially sustainable to continue purchasing, processing, and exporting fish at a fixed price of MVR 20 per kilogram.

Since the adoption of market-based pricing, fish prices have fluctuated significantly, with fish weighing 1.5 kilograms generally trading at around MVR 16 per kilogram.