MIFCO Releases MVR 4 Million to 37 Fishing Vessels

The Maldives Industrial Fisheries Company (MIFCO) has paid for the fish purchased from fishing vessels last Thursday.

Last Thursday, MIFCO bought MVR 4.9 million worth of fish from 37 vessels. MIFCO stated today that after deducting the cost of fuel and ice taken on credit by the vessels from MIFCO facilities, MVR 4 million was released to the vessels today.

Since December 10 of last year, MIFCO has been releasing payments within 48 hours of fishermen weighing their catch at MIFCO facilities, and payments have been issued regularly since then. As Friday is not a regular fish weighing day, under the "48-hour plan", payments are not released on Sundays.

According to MIFCO's statistics, MVR 379 million was released to fishermen in the first three months of this year. This includes MVR 177 million in January, MVR 120 million in February, and MVR 81.9 million in March.

The amount disbursed in March was lower because many vessels did not go fishing due to the month of Ramadan. According to fishermen's customs, some vessels do not go out during the first 10 days and the last 10 days of Ramadan, as well as during Eid. However, with many vessels resuming fishing after Eid, the volume of fish received by MIFCO is expected to increase in the coming week. Last Thursday saw the highest number of vessels weighing fish at MIFCO over the past 10 days.