Maldives Industrial Fisheries Company (MIFCO) on Sunday, announced its decision to update fish purchasing rates on a weekly basis.

MIFCO in a statement on Sunday said, purchasing fish from local fishers without referring to market rates, was not financially sustainable for the company’s fish processing and export activities.

The company incurs more expenditure, which include paying to fishers, and cost of processing and sales, compared to its earnings after selling the products in global markets.

Owing to continued deficits, MIFCO generally acquired cash injections through loans and government support.

MIFCO’s decision to shift to fluctuating prices based on market rates, it said is aimed towards achieving a permanent solution, and said the changes will be effective from Monday, July 01st onward.

The purchase rates of MIFCO will based on present market rates and export costs, with the prices reviewed on a weekly basis.

MIFCO also assured to pay the remaining outstanding total to local fishers on Monday, after which state would have settled MVR 353 million to fishers so far in 2024.

“Besides this, MIFCO has paid another MVR 389 million for fish sold, while it has dibursed a total of MVF 831 million inclusive of fuel and ice credit,” MIFCO’s statement read.

MIFCO’s announcement after the decision was revealed at the Public Accounts Committee of the parliament last Wednesday, where Minister of Finance Dr. Mohamed Shafeeq assured to price reviews will be discussed at the next Economic Council meeting.

With delays in settling the pending total to fishers, an emergency motion was submitted last week to the parliament seeking an expedited solution for the issue.

Source(s): sun.mv

Minister of Tourism Ibrahim Faisal has announced that efforts are underway to raise the budget of the Maldives Marketing and Public Relations Corporation (MMPRC) to USD 15 million for 2025. This announcement was made during the ceremony marking the commencement of operations by China’s Chongqing Airlines to the Maldives.

Minister Faisal emphasised the government’s dedication to enhancing the tourism industry and highlighted the critical role MMPRC plays in this expansion. He expressed his vision of increasing MMPRC’s budget to USD 15 million, noting that the investment in tourism would significantly boost economic growth in the long term.

For this year, MMPRC’s approved budget was USD 9.99 million. The proposed increase for next year would raise the budget by USD 4 million.

Providing further insights, MMPRC Managing Director Ibrahim Shiuree discussed ongoing efforts to promote the Maldives on a global scale. He emphasized the importance of seeking opportunities for international advertising and mentioned that discussions with all relevant industry authorities would be conducted. Shiuree also highlighted the need to observe and learn from the strategies used by other competitive nations in promoting their tourism industries.

The Ministry of Tourism has revealed plans to advertise each individual island of the nation separately, ensuring that the unique features of every island are showcased. The ministry has also assured support for all efforts aimed at expanding the tourism industry across the entire nation.

Source(s): PsmNewsa

Maldives Monetary Authority (MMA) has anticipated the economic growth rate will increase compared to 2023.

MMA revealed that the quarterly reports of all the major economic industries, other than the fisheries’ industry, reported expansion in activity. The Quarterly Economic Bulletin Report includes comprehensive details on the progress of industries. The tourism industry was highlighted as the primary contributor to the nation’s economic advancement.

MMA’s report indicated that national productivity stood at 4% in 2023 and is expected to rise to 4.9% this year. The growth in tourist arrivals, particularly from key markets like China and Europe, is anticipated to enhance not only the tourism sector but also sectors such as transport and communications, thereby stimulating overall economic acceleration.

The Quarterly Business Survey conducted four times annually since 2013, aims to determine the ongoing activities and anticipated changes for the industries. MMA expressed confidence that these insights will inform strategic decision-making and policy formulation moving forward.

Source(s): PsmNews