The government has decided to give a large subsidy to the state-owned Maldives Industrial Fisheries Company (MIFCO) in 2026 despite the reduced fish purchasing price.
According to the proposed state budget for 2026, MVR 280 million has been allocated as a subsidy for MIFCO. This is MVR 61.8 million (18 percent) less than 2025.
The fish purchasing price was at MVR 22 per kg when President Mohamed Muizzu came to power. But it was lowered to MVR 16 per kg in June 2024.
The fish purchasing price was dropped by 27 percent, but the subsidy to MIFCO decreased by only 18 percent.
The government's total subsidy budget is MVR 2.8 billion. This means the MVR 280 million allocated to MIFCO is 9.6 percent of the total budget.
