MIFCO Starts Disbursing Outstanding Payments to Fishers

The state-owned Maldives Industrial Fisheries Company (MIFCO) has begun releasing outstanding payments to fishers after over a week of protests at its Addu Fisheries Complex.

The company announced that it has started depositing payments totalling MVR 53 million owed to various fishing boats, covering all outstanding amounts up to 27th June.

advertisement

As a result, fishers from 15 boats who had been protesting at the Addu Fisheries Complex have ceased their demonstrations, according to MIFCO.

Protestors had gathered at the MIFCO jetty last week, temporarily halting operations at the fisheries complex by cutting power and disrupting daily activities.

MIFCO has faced challenges in paying fishers for their catch due to financial constraints, leading to several protests by fishers across the country.

Yesterday, the company announced that it will implement a weekly rate for purchasing fish starting from July. MIFCO explained that it is not financially sustainable to continue buying tuna at a rate that does not account for external market prices or the cost of exporting fish.