Fisheries Minister Ahmed Shiyam has said that the government would spend MVR 1.1 billion on subsidies this year if MIFCO buys fish from fishermen at MVR 25 per kg.

Minister Shiyam made the statement in response to a question by Dhaandhoo MP Yaugoob Abdulla, after being summoned to the Parliament to be quizzed about the works of the Minister.

Yaugoob asked about the reduction in the price of fish purchase, which was changed from MVR 17 to MVR 25 by the MDP government's policy of bringing good changes to fishermen.

The purchase price of fish has been changed from MVR 25 to MVR 20 today.

The minister said the purchase price of fish was changed by then President Ibrahim Mohamed Solih for a political purpose and it was not changed based on any research.

He further stated that the price of fish was changed on September 19 last year after the first round of the presidential election was held on September 9 and the second round was scheduled for September 30.

The price of fish in the foreign market was USD 1,450 per tonne, which is MVR 22.40 per kg, he said. He said that changing the price of fish from MVR 17 to MVR 25 at the time was a loss of MVR 2.50 without the running costs of MIFCO.

The minister said the price of fish being purchased by MIFCO would not be reduced below MVR 20, as President Dr. Mohammed Muizzu had previously said.

The purchase price of fish was reduced to MVR 20 today to make strong changes in the operation of MIFCO based on the price of fish in the world market, he said.