Government will look to keep prices down of over 140 essential food items stable during the upcoming Holy month of Ramadan, Minister of Economic Development and Trade, Mohamed Saeed said Tuesday.
The government has launched several initiatives to maintain the prices of consumer goods in the market. The government is working with the State Trading Organisation (STO) to keep prices of most essential items stable during Ramadan, set to begin on 1 March.
Speaking during a press conference on Tuesday, Minister Saeed said the government will monitor the prices of 141 food items during the month of Ramadan. Out of these items, 32 have been classified as essentials, he added.
Efforts have been underway since October last year and the government has assured that prices will be kept stable this Ramadan as they were last year. The Ministry of Economic Development and Trade has also set up a special platform to closely monitor the prices of essential commodities in the market.
"Depending on the amount of goods imported into the Maldives during Ramadan, we must ensure that they are available in Maldives through STO and some other wholesalers. Even then some items may not be available. So the government’s aim is to bring that item down from another country and make it available for the people,” he explained.
According to the Ministry, the government will closely monitor prices of 141 items this Ramadan, including 93 basic items used for household consumption, 38 items of fruits and vegetables and 10 items of fish and seafood.
During the press conference, Minister Saeed said facilitating the bulk importation, storage and warehousing of goods was also part of the price stability measures.
In that regard, he revealed plans to set up warehouses across different regions of the country to help suppliers import goods in bulk.
The government is looking to designate land for warehouses in different parts of the country, he said, adding that the state-owned Maldives Industrial Development Freezone (MIDFZ) Company is leading the initiative.
"The reason for the establishment of the company is that there is idle land throughout the country without any economic activities. So the President has decided to identify the best areas for bulk storage. The company is now working to store goods in bulk depending on land availability,” he explained.
However, Minister Saeed did note that the current measures being implemented by the government would not be sustainable for price stability in the long term.
So, the government's aim is to establish such warehouse facilities to keep prices stable, he added.