The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed USD12.8 million to fishermen so far this year.
MIFCO stated that the fisheries sector has improved and the number of fish processed has also increased in recent months. As such, MIFCO disbursed USD65 million in 2022. The highest number of fish processed and the highest amount of payments made to fishermen in the last 12 years was recorded in 2022.
Speaking to PSM News, Chief Executive Officer (CEO) Ismail Fauzee said so far this year MIFCO has purchased 12,000T of fish from fishermen disbursing over USD12.8 million. He said payments are being within seven days of purchasing fish. He added the fishing sector is improving yearly with the changes being brought to the fishing vessels.
MIFCO is working to solve the problems faced by the fishermen despite the challenges. As such, MIFCO is upgrading its fish processing factories and procuring more vessels to purchase fish.