MIFCO Lowers Purchase Price of Skipjack Tuna Amid Financial Challenges

Maldives Industrial Fisheries Company (MIFCO) lowered the purchase price of skipjack tuna from MVR 25 to MVR 20 per kilogram amid financial challenges. The previous increase was made during the presidential election run-off and is now deemed unsustainable. Minister of Fisheries and Ocean Resources Ahmed Shiyam stated that no tariff concessions from the EU or UK materialized, and that maintaining the higher rate would require MVR 1.1 billion in subsidies. He revealed that MIFCO has disbursed MVR 422 million to fishermen but owes MVR 270 million. The minister criticized the previous government's price hike as politically motivated and without research.

Maldives Industrial Fisheries Company (MIFCO) lowered the purchase price of skipjack tuna from MVR 25 to MVR 20 per kilogram amid financial challenges. The previous increase was made during the presidential election run-off and is now deemed unsustainable. Minister of Fisheries and Ocean Resources Ahmed Shiyam stated that no tariff concessions from the EU or UK materialized, and that maintaining the higher rate would require MVR 1.1 billion in subsidies. He revealed that MIFCO has disbursed MVR 422 million to fishermen but owes MVR 270 million. The minister criticized the previous government's price hike as politically motivated and without research.

Maldives Industrial Fisheries Company (MIFCO) lowered the purchase price of skipjack tuna from MVR 25 to MVR 20 per kilogram amid financial challenges. The previous increase was made during the presidential election run-off and is now deemed unsustainable. Minister of Fisheries and Ocean Resources Ahmed Shiyam stated that no tariff concessions from the EU or UK materialized, and that maintaining the higher rate would require MVR 1.1 billion in subsidies. He revealed that MIFCO has disbursed MVR 422 million to fishermen but owes MVR 270 million. The minister criticized the previous government's price hike as politically motivated and without research.

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