Gov’t Releases Additional MVR 35 Million Payment to Fishermen

The Maldives Industrial Fisheries Company (MIFCO) announced today that it has released a payment of MVR 35 million to fishermen, fulfilling a portion of the government’s pledge to settle outstanding debts.

The government had previously committed to depositing the first MVR 100 million of a total MVR 300 million owed to fishermen by yesterday. On Wednesday, the Fisheries Ministry and MIFCO reached an agreement to distribute MVR 70 million of this sum to the fishermen.

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The government has pledged to release the remaining funds by the fifth of next month.

According to the MIFCO official, payments are being made based on the purchase price of fish, with the aim of clearing the backlog. 

The purchase price of fish from MIFCO was slashed to MVR 20. The government states that nearly MVR 600 million has been disbursed to fishermen since President Dr Mohamed Muizzu assumed office.