MIFCO disburses MVR 320 million to fishermen over the past three months

The Maldives Industrial Fisheries Company (MIFCO) has disbursed MVR 320 million to fishermen over the past three months.

According to statistics published by MIFCO, from December 10 of last year to March 10 of this year, MVR 320,612,080 (three hundred and twenty million, six hundred and twelve thousand, and eighty Rufiyaa) was disbursed to 4,737 vessels that sold fish to the company.

After clearing a "backlog" of MVR 38 million owed to fishermen, MIFCO began disbursing payments to vessels within 48 hours of weighing fish on last year's Fishermen's Day, in accordance with the pledge made by President Dr. Mohamed Muizzu. While it has been three months since the 48-hour payment policy was initiated yesterday, MIFCO continues to disburse payments to fishermen regularly.

Payments to fishermen are being disbursed under an agreement reached between the Bank of Maldives, the Finance Ministry, and MIFCO. The government has assured that payments to fishermen will continue to be disbursed without interruption.