The Maldives Industrial Fisheries Company Limited (MIFCO) is on a transformative path amid aims to reduce the financial subsidy given by the government to the state-owned enterprise by 50 percent by the end of 2026.
Long plagued by losses and reliance on budgetary support, MIFCO has initiated sweeping reforms under President Dr Mohamed Muizzu’s directive to strengthen management and operational efficiency across government-owned companies.
As part of these reforms, MIFCO has been converted into a fully government-owned entity, with renewed focus on reducing waste, improving transparency, and modernising infrastructure.
According to MIFCO CEO Farhath Shaheer, speaking to PSM News’ ‘Raajje Miadhu’ programme—while the government continues to provide subsidies—primarily to maintain fixed fish purchase prices—the company is increasingly funding its operations through internal revenue.
MIFCO’s Strategic Consultant Ibrahim Athif Shakoor confirmed that the subsidy will be reduced by USD 0.06 per kg this year, culminating in a 50 percent cut by December.
Despite a temporary dip in activity during one quarter last year, MIFCO ended the financial year in the black. Operational upgrades are also underway, including the expansion of cold storage facilities at its Felivaru hub in Lhaviyani Atoll, set for completion by mid-year.
Notably, MIFCO has fulfilled a key presidential pledge by ensuring fish purchased from local fishermen is paid for within 48 hours—disbursing over USD 63.1 million to date—bolstering trust and financial stability in the fisheries sector.