The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed more than USD 72,000 to local fishermen since commencing its yellowfin tuna procurement in December last year, marking a significant step in supporting the nation’s vital fishing sector.
While initial purchases began on 18 December, MIFCO officially expanded operations on 11 January by acquiring larger yellowfin tuna weighing over 10-15 kg at a fixed price of USD 1.62 per kilogram.
The company is currently sourcing fish between 10 kg and 15 kg from key locations including Kooddoo, Addu City, Fuvahmulah, Thinadhoo, and Gadhdhoo. Fishermen are now guaranteed payment within 48 hours, fulfilling a government promise to address longstanding financial delays previously experienced when selling to private buyers.
From 18 December 2025 to 21 January 2026 alone, MIFCO released USD 72,766,21 to fishermen, providing much-needed relief. This initiative is centred at the newly repurposed 4-hectare Kandu Oiy Giri facility in Felivaru, which formerly processed lifestyle and ready-to-eat seafood products.
The move is part of a broader government-MIFCO collaboration aimed at stabilising the yellowfin tuna market, enhancing fishery sustainability, and resolving key challenges faced by fishermen who had long struggled with late payments and limited access to institutional buyers.