Fisheries and Agriculture Minister Dr. Muhammad Shainee have said that MIFCO has a debt of 300 million Rufiyaa and with reorganization and proper management the losses can be recovered.
Dr.Shainee said that, government is taking necessary steps to recover from these financial losses. He said that, MIFCO will be a profitable company under STO.
According to Dr.Shainee financial institutions like IDB and World Bank are ready to finance MIFCO, but the only challenge is the unpaid loans of MIFCO.
Finance Minister Ahmed Munawwar said that government will repay these loans of MIFCO and thus STO will not have to take the burden of these huge debts.
Even in MDP administration MIFCO was a profitable company. However, the company started running into debts, after the MDP government gave away MIFCO assets to other companies without giving any compensation to MIFCO.
Also during MDP administration, large sums of money were spent, to “research” on mari culture. Even when their administration ended, it was still at research stage and MIFCO never earned even a single Rufiya from that .
MIFCO debts at RF 300 million-with proper management, the losses can be recovered: Dr.Shainee
