Minister of Finance and Treasury Ahmed Munawar has blamed past administrations for the debt of Maldives Industrial Fisheries Company (MIFCO).
Noting the current administration had to bare a large amount of spending to pay the debt of MIFCO, the finance minister said it is because the past administrations were irresponsible and badly-managed profit generating state companies.
Speaking to media, Finance Minister Ahmed Munawar revealed the current administration did not grant the large number of capital to retrieve the losses during the current government, but rather to recover from the losses faced by the company over the years. Minister Munawar further revealed the capital was also granted as MIFCO is an important facility, so to enhance the services and to flourish the fisheries sector of the country.
Furthermore, the minister said MIFCO made major achievements during the past five years. The finance minister revealed information about the huge capital granted to MIFCO during past week. He said while MIFCO was made a subsidiary of State Trading Organisation (STO), a debt of over USD 21.5 million was paid off from the capital provided by the government.