The Cabinet has today decided that as Maldives Industrial Fisheries Company Limited (Mifco) has been faced with financial issues while additionally one of the aims of the company remains that of resolving difficulties faced by fisherman; in order to strengthen the administration of the company it will henceforth become a subsidiary of State Trading Organization (STO). The decision was made, following discussions on a paper regarding the matter.
During discussions, Cabinet members explored steps to be taken by the administration to tackle current challenges and financial status of Mifco. Cabinet members underlined the fact that Mifco provided an essential service, particularly to the Maldivian Fisheries sector - members emphasized, that up until now, Mifco was managed in a manner whereby the public does not suffer any loss and highlighted that this decision would ensure better structured services while opening the door towards sustaining the company in the long run.
Upon today’s Cabinet meeting, the Ministers held a press conference to brief the public on the decisions made.
As part of today's deliberations, the Cabinet also decided to incorporate amendments to the ‘Ban amendment to the Basel Convention’ article of the ‘Basel Convention on the Control of Transboundary Movements of Hazardous Waste and Disposal’ which the Maldives had previously adopted.
