MIFCO Pays MVR 2.1 Million to Fishing Vessels for Tuna Sold in Late July

The Maldives Industrial Fisheries Company (MIFCO) has disbursed MVR 2.1 million to fishing vessels for 136 metric tonnes of tuna sold to its factories in late July.

The state-owned company announced today that it can now settle due payments within two weeks, crediting this improvement to government support, particularly from the Minister of Fisheries and Ocean Resources, Ahmed Shiyam.

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In early July, MIFCO decided to get rid of the flat rate for buying tuna and instead pay fishers based on a fluctuating weekly price that “accounts for the price of tuna on the international market”

Figures released by MIFCO indicate that the most recent payments to fishers were made on 14th July and 1st July.

However, no payments were made to fishers throughout June or the latter half of May. The payment of MVR 65 million on 1st July covered 3,296 metric tonnes of tuna sold between 9th May and 27th June.

The inconsistencies in receiving payments have been a long-standing grievance for fishers. Hundreds of fisher families go weeks without pay due to payment delays from the state owned MIFCO and privately owned fish factories like Horizon Fisheries. This issue led to protests by fishers across the country in June and earlier this month.