MIFCO's decision to change fish can prices was learned through the news; such corporate decisions must now be reported to the President: Saeed

Economic Minister Mohamed Saeed has stated that MIFCO adjusted its canned fish prices without prior government notification. However, he emphasized that moving forward, state-owned enterprises must inform the President of such decisions.

Speaking at a press conference held at the President's Office on Wednesday, Saeed stated that fluctuations in international market prices are beyond the government's control.

However, Minister Saeed stated that the government does not wish for these changes to result in an undue burden on the public.

Fluctuations in global market prices are beyond our control, whether they pertain to fuel, gas, cement, construction materials, or any other commodities.

Minister of Economic Development and Trade Mohamed Saeed

Saeed stated that any price adjustments would only be implemented after the government has carefully considered various perspectives and conducted all necessary evaluations.

However, when questioned by RaajjeTV regarding the inconsistency of policies changing from one day to the next, Saeed stated that President Dr. Mohamed Muizzu must now be informed before any decision is made by the government or state-affiliated companies. He further clarified that MIFCO's decision to increase the price of canned fish was made without the government's prior knowledge.

We were unaware that MIFCO had adjusted its canned fish prices. MIFCO is a state-owned enterprise with its own independent management, and I am not suggesting that we necessarily had to be informed. However, under the current circumstances, the President expects to be kept informed of any actions taken by the government or its affiliated companies. Given the ongoing global conflicts, the President’s primary objective is to ensure that the Maldives does not face any shortages of essential goods.

Minister of Economic Development and Trade Mohamed Saeed

Furthermore, highlighting his responsibility as Trade Minister to monitor such matters, Saeed stated that he first learned of MIFCO’s decision to increase canned fish prices through a news report. He noted that he intervened immediately upon discovery to revert the prices. Saeed also clarified that the decision to reverse the price hike was not a reaction to public criticism.

Furthermore, noting the outbreak of conflict in the Middle East, Saeed stated that while the situation posed significant challenges for both the government and the private sector, the administration focused its efforts on securing swift solutions.