The CEO and Managing Director of Maldives Industrial Fisheries Company (MIFCO), Brigadier General (Rtd) Farhath Shaheer, has stated that special measures are being taken to strengthen the company’s operations and that the results of these efforts are now becoming evident.

He made these remarks while appearing on PSM News’s “Raajje Miadhu” program last night, where he discussed the ongoing efforts to enhance MIFCO’s management.

The CEO clarified that the government subsidy provided to MIFCO is not for the company’s operational running, but rather an allowance to facilitate the purchase of fish at government-set prices. However, he noted that the company’s other operational expenses are covered by the revenue generated through its own business activities.

The CEO stated that efforts are underway to reduce reliance on the state budget subsidy and to make the company self-sufficient. In this regard, he emphasized that significant priority is being given to reducing the company’s administrative and operational costs, adding that the results of these efforts are already being seen.

“During the four quarters of the past year, fishing was very poor in the middle period. Although that quarter appeared slightly ‘in the red,’ the figures for the entire year show we are ‘in the black.’ We are seeing a green signal in that regard,” the CEO said.

The CEO further noted that one of the primary goals of strengthening MIFCO’s operations is to make it a transparent and high-integrity company. Highlighting that MIFCO will have nothing to hide, he announced that the company’s new website will be launched this year, making MIFCO’s financial records accessible to the public.

“The financial statements of our executives will be visible. We want to improve the company’s reputation,” the CEO added.

MIFCO’s Strategic Consultant, Ibrahim Athif Shakoor also appeared on the program. Athif stated that an agreement has now been reached with the government regarding the subsidy provided to MIFCO. He added that with the changes being brought to MIFCO’s management, the government subsidy is expected to be reduced by half by the end of this year.

“We have reached an agreement with the government to reduce last year’s subsidy by 1 rufiyaa per kilogram this year, and to cut this year’s subsidy by half by the end of the year,” said Athif.

In line with the government’s pledge to pay fishermen within 48 hours, MIFCO continues to disburse payments to them. To date, more than 973 million Rufiyaa has been paid out to fishermen.