MIFCO pays one month's outstanding dues to fishermen

Maldives Industrial Fisheries Company (MIFCO) has paid the bills for one month of fish purchased on credit from fishing vessels.

MIFCO today paid MVR 15.1 million for 1,528 metric tonnes of fish purchased on credit from the 28th of last month to the 27th of this month. The remaining bills have not been paid. That is MVR 2.1 million for fish purchased on the 28th, 29th, and 30th of this month. MIFCO has not stated a date when this money will be paid.

MIFCO last made a payment on the 29th of last month. On that day, MVR 18.3 million was paid for fish purchased on credit by MIFCO from August 24 to September 26.

Since July 1, MIFCO has been buying fish at MVR 16 per kilo. Due to MIFCO lowering the price of fish, delaying payments for fish bought on credit, and difficulties faced by fishermen in getting fuel and ice, the amount of fish sold by fishermen to MIFCO has decreased significantly. Fishermen said they no longer rely on MIFCO.