MIFCO to Disburse Over MVR 7 Million in Payments for August Fish Catch

The Maldives Industrial Fisheries Company (MIFCO) has announced that payments for the settlement period from August 9 to 23, totalling over MVR 7 million for 445 tonnes of fish, will be issued today.

Following this, MIFCO is set to release payments for the two-week period from August 24 to September 7. Specific details regarding the payment deadline will be provided after Monday next week, with the funds to be disbursed to the fishermen as promptly as possible. 

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MIFCO has provided a summary of previous month’s payment statistics. On 23rd April 2024, the settlement for April 23 to April 29, 2024, was processed. During this period, 1,420 metric tonnes of fish were credited, resulting in a total credit of MVR 49,956,879, with MVR 41,605,423 paid in cash. 

On 1st July 2024, the settlement for May 9 to June 27, 2024, was processed. During this period, 3,380 metric tonnes of fish were credited, resulting in a total credit of MVR 175,989,436, with MVR 143,060,572 paid in cash. 

On 14th July 2024, the settlement for June 28 to July 13, 2024, was completed. A total of 125 metric tonnes of fish were credited, amounting to MVR 6,512,589, with MVR 6,415,901 paid in cash.

On 28th July 2024, the settlement for July 13 to July 25, 2024, was processed. During this period, 136 metric tonnes of fish were credited, resulting in a total credit of MVR 7,072,613, with MVR 6,780,495 paid in cash. 

Finally, on 11th August 2024, the settlement for July 27 to August 8, 2024, was completed. A total of 266 metric tonnes of fish were credited, amounting to MVR 42,299,447, with MVR 40,471,295 paid in cash.

MIFCO has expressed gratitude to the government and the Ministry of Fisheries for their support in the efforts of the Company’s Board and Management.