Managing Director of State Trading Organisation (STO) Hussain Amru has said that the company suffered a loss of MVR 450 million so far, due to the subsidiarization of MIFCO.

Speaking during the 'Jazeera Holhuashi' talk series held at GDH. Thinadhoo, Amru said that the previous government decided to subsidize MIFCO under STO since MIFCO had gone bankrupt. He noted that the decision was taken against the desires of the company.

Amru added that the sale of fuel sold to fishermen through MIFCO which is supplied by Fuel Supply Maldives (FSM) is yet to be received as well. This amount now stands at MVR 230 million.

He added that the losses suffered by STO so far due to the subsidiarization of MIFCO currently stands at MVR 450 million.

Amru further highlighted that MIFCO was still in a great debt which keeps them from improving the situation of MIFCO in general. However he added that works are currently underway to ensure that MIFCO will become a profitable company within the next six months.