MIFCO Begins Disbursement of MVR 17.3 Million in Pending Payments to Fishermen

The Maldives Industrial Fisheries Company (MIFCO) has commenced the disbursement of MVR 17.3 million in outstanding payments to fishermen. 

In a statement issued yesterday, MIFCO announced that the amount covers fish weighed between 24th August and 25th September, with funds to be disbursed by the end of the day, aided by government support.

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Last Thursday, MIFCO held discussions with the Ministry of Fisheries and the Ministry of Finance regarding the resolution of outstanding payments dating back to early September. The company reiterated its commitment to settling all pending dues by the end of this week.

According to MIFCO’s latest figures, over MVR 1 billion has been paid out to fishermen from 17th November to 14th July.

Timely disbursement of payments within 48 hours is a key electoral pledge of the current administration. However, Fisheries Minister Ahmed Shiyam has previously stated that economic constraints have prevented full implementation of this promise.

MIFCO aims to establish a system of weekly payments to fishermen by the end of the year.

Despite the current administration lowering the fish purchase rate from MVR 25 to MVR 20 in February, payment delays have persisted. The rate had been increased by the previous administration during the September presidential election.

In response to growing concerns from fishermen, the government has now decided to adjust the purchasing rate based on market conditions and export costs, with prices set to be reviewed weekly. Minister Shiyam noted that the revised rates will enable payments to be made within two weeks. Fishermen have previously staged protests across the country over delays in payment disbursement.