MIFCO disburses MVR 14.8 million to fishermen last week

The Maldives Industrial Fisheries Company (MIFCO) disbursed a total of MVR 14.8 million to fishermen last week.

Under MIFCO's current "48-hour payment plan," the payments made from Monday of last week until yesterday were for fish sold by vessels to various MIFCO facilities and vessels from the 12th to the 17th of this month. Since Friday is a day MIFCO does not purchase fish, no payments are disbursed on Sundays under this plan.

From the 12th to the 17th of this month, 253 vessels sold MVR 17.9 million worth of fish to MIFCO. MIFCO disbursed payments for the purchased fish after deducting more than MVR 3 million for ice and fuel bills taken on credit by the vessels. Therefore, a total of MVR 14.8 million was disbursed last week.

The volume of fish weighed to MIFCO by vessels has increased significantly. Looking at the payment period, the highest number of vessels weighed fish to MIFCO on the 12th of this month. On that day, 56 vessels weighed fish. The highest value of fish weighed to MIFCO by vessels was on the 17th of this month. On that day, 45 vessels weighed MVR 3.8 million worth of fish to MIFCO.

In accordance with the President's pledge, payments to fishermen within 48 hours of selling fish to MIFCO commenced on December 10 last year. Since that day, 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, with the regular receipt of payments, living conditions have eased, and some vessels and youth who had distanced themselves from fishing are returning to the industry.