Pres. Muizzu: Aiming to maintain fish purchasing rate at MVR 20

President Dr. Mohamed Muizzu stated on Friday that the government’s objective is to maintain the fish purchasing rate at MVR 20 per kilogram, while claiming that the decline in the fisheries workforce is partly attributable to the expansion of employment opportunities within the public sector.

The President’s remarks come amid criticism from fishermen who contend that the government has yet to fully deliver on its pledge to maintain the fish purchasing rate at MVR 20. Nevertheless, President Muizzu has repeatedly reaffirmed his commitment to honoring the pledge.

Speaking during the second episode of ‘The Pulse’ podcast on Friday, the President outlined the government’s priorities for the fisheries sector. He said that while the immediate goal is to sustain the purchase price at MVR 20 through the state-owned Maldives Industrial Fisheries Company (MIFCO), the administration ultimately aims to raise the rate further.

The President also expressed hope that the United Kingdom’s tariff suspension would be made permanent, noting that his administration is actively working towards that objective. He further highlighted efforts to address concerns raised by yellowfin tuna fishermen, stating that MIFCO’s return to that segment of the market is essential to securing more favorable prices for producers.

Addressing workforce shortages within the fisheries industry, the President said the sector had experienced a decline in workers as many individuals had transitioned to employment within state-owned enterprises. He added that the government intends to implement measures aimed at encouraging more people to return to the fishing profession.

During the previous administration, the fish purchase price was raised from MVR 17 to MVR 25 per kilogram in September 2023 as part of the presidential election campaign. However, the current administration reduced the rate to MVR 20 in February last year.

Subsequently, on May 1 last year, MIFCO introduced a market-based pricing system. The company said that maintaining a fixed purchase price of MVR 20 irrespective of fluctuations in international markets was financially unsustainable for its processing and export operations. Since the adoption of the market-based mechanism, the average purchase price for fish weighing more than 1.5 kilograms has generally remained at approximately MVR 16 per kilogram.