Business

STO has spent 154 million Rufiyaa on MIFCO

As stated by Mr Hussain Amru, Managing Director of STO, they have spent 154 million rufiyaas on MIFCO up until this point. Speaking at the ceremony held to celebrate Fishermen’s Day, President Solih indicated that MIFCO is in a dire situation financially due to working in a loss to provide a better price for the countries fishermen. In 2018, MIFCO spent 800 million rufiyaas on fishermen’s alone.

Speaking in an interview, Mr Amru has highlighted that the government has made plans to make MIFCO an independent company but this would likely take a lot of time. Furthermore, he carried on the notion that STO will be able to let go of MIFCO when they are financially stable and resolve all the internal affairs. Moreover, due to the current status of MIFCO, no bank is willing to provide loans for the company thus they are obliged to take it from STO.

The previous government transferred MIFCO under STO because their debt overflowed and the company was bankrupt. To increase the financial status of MIFCO, the former government had spent 621.4 million rufiyaas on MIFCO over the course of 5 years.

Full details are available at the link below:

Source URL: Corporate Maldives

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