The Maldives Industrial Fisheries Company (MIFCO) has assured that payments for fish purchased from vessels today will be released within 48 hours.
The company made this statement to clarify any confusion, as MIFCO did not purchase fish during the Eid and the day after Eid, which may have led some to believe there was an interruption in the 48-hour payment policy. Since MIFCO did not purchase fish on March 30 and 31, no payments were released today under the 48-hour plan. Furthermore, no payments will be released to vessels tomorrow either.
Since MIFCO began releasing payments within 48 hours, funds have been deposited on all days except Sundays every week. The details of these payments are shared on MIFCO's social media accounts and regularly communicated to the media. Payments are not released on Sundays because Fridays are normally not fish purchasing days for MIFCO, meaning there are no payments due corresponding to that day.
In a message shared with the media tonight, MIFCO stated that fishermen took a "break" for Eid, resulting in no fish being purchased at MIFCO facilities on March 30 and 31. Following the Eid "break," fish was weighed from vessels today, and MIFCO stated that payments for today's purchases will be released within 48 hours in accordance with the general procedure.
"Today's payment will be made within 48 hours. That is, the day after tomorrow. The funds will be released as soon as we receive all the bills from the vessels that sold fish," MIFCO stated.
The policy of paying fishermen or vessels within 48 hours for purchased fish commenced on December 10 last year. Since that day, payments have been regularly released to fishermen. With the regular release of payments, the number of vessels going out to fish and the number of youths returning to fishing after having left the industry has increased. However, in line with the customs or traditions observed during Ramadan, the number of vessels going out to fish during the first few days and the last ten days of Ramadan was low, resulting in a decrease in the volume of fish received by MIFCO during Ramadan compared to the previous month.
Following Eid, many vessels in the Maldives will head out to fish tonight and tomorrow night. Consequently, it is expected that the volume of fish received by MIFCO will also relatively increase.
