MIFCO begins depositing pending payments to fishermen

The Maldives Industrial Fisheries Company (MIFCO) has started releasing payments for fish purchased from fishermen.

MIFCO stated that the payments being released today are for fish purchased from August 24 to September 25. Accordingly, MIFCO said that MVR 17,350,903 (seventeen million three hundred fifty thousand nine hundred and three rufiyaa) will be deposited today.

"With the assistance of the government, these funds will be fully deposited to the vessel owners today," MIFCO said.

MIFCO has started releasing payments to fishermen today while fishermen have been expressing dissatisfaction over the delay in disbursements. MIFCO has stated that the delay in paying fishermen is due to cash flow issues faced by the company.

MIFCO said that since early this month, discussions have been held with the Fisheries Ministry and the Finance Ministry regarding the pending bills of fishing vessels, and solutions have been found for the time being. Furthermore, MIFCO noted that the government has been continuously providing the necessary support to the company.