MIFCO to pay fishermen USD3M from outstanding amount

The Maldives Industrial Fisheries Company Limited (MIFCO) has stated that it will disburse USD3 million to fishermen from the outstanding amount owed, which has not been paid up until June 13.

MIFCO said that USD5.2 million remains unpaid to the fishermen. Out of this, USD3 million will be paid, with the remaining amount to be settled as soon as possible in collaboration with the government. Despite the challenges of irregular payments, the company continues to purchase fish from the fishermen.

Currently, MIFCO purchases fish at USD1.30 per kilogram with the assistance of a government subsidy. The government's goal is to operate MIFCO without subsidies within the next three years. The previous administration had increased the price of fish from USD1.10 per kilogram to USD1.62 per kilogram. Following the price change, the fishermen earned USD16.2 million for the processed fish.

The government has been making significant efforts to pay the outstanding amounts to the fishermen since taking office, having disbursed more than USD57 million so far. After a review of the company's fish purchase price, the government decided on February 11 to adjust it to USD1.30 per kilogram, a decision made following discussions at the Economic Council.