President Ibrahim Mohamed Solih has stated that the government is closely monitoring the losses suffered by MIFCO under State Trading Organization (STO), and that works are ongoing to make the company profitable.

Speaking during an MDP campaign event in Dh. Meedhoo on Wednesday morning, the President noted that his government’s goal was to provide proper prices for fresh catch as soon as possible.

“We are monitoring the losses of MIFCO under STO, and working towards making it a profitable company once again. Our aim is to provide proper prices for fresh catch at the soonest. In order to make things easier for our fishermen we have already exempted the diesel duty. Soon they will be able to enjoy the benefits of this as well,” President Solih said.

Finance Minister Ibrahim Ameer previously has said that the government does not intend to run MIFCO under STO. He also revealed that MVR 30 million had already been provided to MIFCO after the new government assumed office.

President Abdulla Yameen’s government decided to run MIFCO as an STO subsidiary, following heavy losses and debt.