Discussions are currently in progress to review MIFCO's decision to purchase fish at MVR 25 per kg.
The government had previously raised the fish purchasing price from MVR 17 to MVR 25 per kg leading up to the September presidential election. At that time, the government cited positive developments in discussions aimed at reducing the 22 percent tax on fish exports to the European market as the reason behind this decision.
MIFCO's Managing Director Ismail Fauzy today said that the company needs to reduce the purchase price of fish to below MVR 20 per kg given the current market rates. Otherwise, the company would face substantial financial losses, he said.
Fauzy confirmed that discussions are ongoing with the Finance Ministry and other relevant agencies to review the fish purchase price. He also highlighted that MIFCO's current financial condition necessitates government support for its continued operation.
