Maldives Industrial Fisheries Company (MIFCO) has stated that despite fixing fish purchase prices based on weekly global market rates, it will still need to be subsidized by the state.

Fisheries Minister Ahmed Shiyam and MIFCO officials held an information session with reporters on Monday morning. During the press meet, MIFCO's Chief Financing Officer Ilyas Haneef who is interim head of the company noted that the state has paid MVR 356 million in subsidies to MIFCO so far this year.

Ilyas said the state would need a subsidy of MVR 20-25 million per month even if MIFCO bought fish at the market price.

“It is a subsidy of about MVR 250 million per year,” he said.

At the meeting, Minister Shiyam said the state has to provide a subsidy of MVR 560 million to MIFCO when fish is bought at MVR 20.

The minister said the biggest goal now is to increase MIFCO's capacity for cold storage and fish processing. As such, there are plans to further develop Felivaru and establish new canning factories in Gaafu Dhaalu Fiyoari and Faafu Nilandhoo.

"The aim is to complete the works by August 2026. Then MIFCO will hopefully become a profitable company," he said.

The minister added that MIFCO is also working to reduce its costs.