MIFCO Disburses MVR 12.8 Million to Fishermen Last Week

The Maldives Industrial Fisheries Company (MIFCO) disbursed a total of MVR 12.8 million to fishermen last week.

Under MIFCO's current "48-hour payment plan," the funds disbursed from last Monday until yesterday were for fish sold to various MIFCO facilities and vessels between the 5th and 10th of this month. Since Friday is a non-purchasing day for MIFCO, no payments are disbursed on Sundays under this plan.

From the 5th to the 10th of this month, 243 vessels sold MVR 15.7 million worth of fish to MIFCO. MIFCO disbursed the payments for the purchased fish after deducting MVR 2.8 million for ice and fuel bills taken on credit by the vessels. Therefore, a total of MVR 12.8 million was disbursed last week.

Although the volume of fish weighed to MIFCO by vessels decreased during the month of Ramadan, the weighing rate has increased following the six days of Shawwal fasting. While the volume of fish weighed increased significantly last week, the highest number of vessels weighed fish on Monday. On that day, 60 vessels weighed MVR 3.5 million worth of fish to MIFCO. Furthermore, the highest value of fish sold to MIFCO by vessels occurred on Sunday. On that day, 55 vessels sold MVR 3.9 million worth of fish to MIFCO.

In accordance with the President's pledge, the disbursement of payments within 48 hours of fishermen selling fish to MIFCO commenced on December 10 last year. Since then, payments have been disbursed regularly. Even if the payment day falls on a government or public holiday, MIFCO continues to disburse payments without interruption. According to fishermen, receiving payments on time has eased their livelihoods, and some vessels and youth who had stepped away from fishing are now returning to the industry.