Minister of Fisheries, Agriculture, and Ocean Resources Ahmed Shiyam has announced that the State budget subsidy previously provided to the Maldives Industrial Fisheries Company (MIFCO) has been discontinued, with the company now operating independently on its own revenues.

Speaking at a programme on State Media, the minister said that when the current Government assumed office, the Ministry of Finance was subsidising MIFCO at MVR 13 per kilogramme of fish, amounting to approximately MVR 1.1 billion per year. He said he did not believe it was appropriate for a company of this nature to be run in a manner that places a burden on the public.

Minister Shiyam said the Government has since revised its policy, with subsidies now limited to fuel sold to fishermen. He added that MIFCO, like other companies, is now purchasing fuel through the Fuel Supplies Maldives (FSM) at standard market rates.

The minister also confirmed that work is already underway to further strengthen the company's management structure.

MIFCO's reliance on State support had grown significantly by the time the current administration came to power. According to the company's 2024 annual report, revenue declined sharply to MVR 1.076 billion from MVR 2.009 billion the previous year. Despite the challenging conditions faced in both 2024 and 2025, the current management is working to improve the company's financial performance and demonstrate that its business model can be sustained under normal market conditions.