The Maldives Industrial Fisheries Company Limited (MIFCO) has recorded a 12.5% increase in fish processing last week.
The latest statistics released from MIFCO show that the company processed 467 tonnes of fish last week, compared to 415 tonnes the previous week. After a period of decline in the fisheries sector of the country, MIFCO has seen a rebound in its processing numbers.
The statistics also shows that 467 tonnes of fish were received from 192 fishing vessels last week, a significant increase from the 119 vessels in the previous week. A total of 73 more vessels supplied fish to MIFCO. Notably, September 3 saw the highest volume of processing over the past two weeks, with 44 vessels contributing 135 tonnes of fish.
MIFCO has introduced a credit system to encourage more fishing activity, offering up to 10 tonnes of ice to fishing vessels, with payments to be deducted from future sales. The company is also working to expedite payments for fish caught by fishermen. The government has committed to disbursing payments to fishermen within two weeks and has already disbursed USD 71 million as of September 3. The company has also streamlined the fish processing process for fishermen, utilising both its fishing vessels and collection centres for efficient processing.