The state-owned fisheries company, Maldives Industrial Fisheries Company (MIFCO), has settled some of the outstanding bills for fish purchased on credit from fishermen.
The company had not been regularly paying for fish sold to its three facilities—Addu Fisheries Complex (AFC), Kooddoo Fisheries Complex (KFC), and Felivaru Fisheries Complex (FFC)—between October 28 and November 26, amounting to one month's worth of payments. Consequently, MIFCO owed fishermen MVR 53.4 million as a one-month "backlog" or debt.
After a month passed without payment, and while fishermen were expressing their concerns and complaining on various platforms, MIFCO paid some of the bills in the "backlog" yesterday. The payments covered 1,919 metric tonnes of fish sold by fishermen to the Addu Fisheries Complex (AFC) and Kooddoo Fisheries Complex (KFC) from October 28 to November 15. The payment for these 19 days amounted to MVR 22.9 million, after deducting MVR 5.7 million for ice and fuel purchased by the fishermen from MIFCO facilities. The deducted amount represents direct revenue earned by MIFCO or the government from business transactions with the fishermen.
MIFCO has not specified a date for paying the remaining MVR 30.4 million owed for the remaining 11 days of the one-month "backlog." Furthermore, MIFCO has not explicitly stated when it will pay for the fish sold by fishermen to the Felivaru Fisheries Complex (FFC) between October 28 and November 15.
Due to recent delays by MIFCO in releasing payments for purchased fish, fishermen have been weighing very little fish to the company. On average, this amounts to 250 metric tonnes per week. Having lost reliance on MIFCO, many fishermen are now selling their catch to private companies.
