MIFCO to disburse pending payments for fish purchased on credit tomorrow

Fisheries Minister Ahmed Shiyam has announced that the Maldives Industrial Fisheries Company (MIFCO) will disburse pending payments for fish purchased on credit from fishermen tomorrow.

Responding to a question from a member during the ongoing parliamentary session, Minister Shiyam stated that the current backlog of MVR 16.2 million owed to fishermen will be released tomorrow.

"As I speak, the Finance Ministry is certainly working on depositing these funds to MIFCO. God willing, the current backlog, or any unpaid funds for fish weighed and purchased, will reach the fishermen by tomorrow," Minister Shiyam said.

Fishermen have been expressing their dissatisfaction on various platforms as MIFCO has not paid for fish purchased since the 28th of last month. Although Minister Shiyam had previously stated that payments would be issued every two weeks following MIFCO's reduction in fish purchasing rates, payments are currently being made once a month. MIFCO last issued payments to fishermen on the 29th of last month. On that day, MVR 17 million was disbursed for fish purchased on credit from August 24 to September 26.

Due to delays in MIFCO's payments, many fishermen in the Maldives are selling their catch to private companies. According to MIFCO's "Fish Catch Report," the rate at which fishermen sell fish to MIFCO has dropped to an unprecedented low.