MIFCO Pays Outstanding Dues to Fishermen

The state-owned fish company, Maldives Industrial Fisheries Company (MIFCO), has paid the money owed for fish sold by fishermen to its facilities.

The news of the payment was shared by President Dr. Mohamed Muizzu while speaking at a gathering held to meet the residents of K. Gaafaru during his visit to the island today.

In his speech, he stated that out of the money MIFCO owes to fishermen, the outstanding 38 million has been deposited to vessel owners today. That includes 32.4 million rufiyaa to 196 vessels using Bank of Maldives (BML) accounts, and 5.6 million rufiyaa to 20 vessel owners using Maldives Islamic Bank (MIB) accounts. The President noted that with this, the total 38 million rufiyaa in MIFCO's "backlog" has been completely cleared.

"That is the money owed over the past two weeks. So the backlog is finished. God willing, there will not be another backlog," President Dr. Muizzu said.

At today's gathering, the President announced that starting tomorrow, payments for fish purchased by MIFCO will be issued to fishermen within 48 hours. He added that while this 48-hour payment arrangement currently applies to those using BML accounts, efforts will be made to establish the same arrangement for those using MIB accounts.