MIFCO to Update Fish Purchasing Rates Weekly
The Maldives Industrial Fisheries Company (MIFCO) announced its decision to update fish purchasing rates on a weekly basis, effective from today.
In a statement, MIFCO highlighted that purchasing fish from local fishers without aligning with market rates has proven financially unsustainable for its fish processing and export activities.
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New Fish Prices (1st July – 5th July):
Ice Fish
- 1.5kg and above: MVR 16
- Below 1.5kg: MVR 7
Normal Fish
- 1.5kg and above: MVR 14
- Below 1.5kg: MVR 5
The company cited increased expenditures, including payments to fishers and the costs associated with processing and sales, which exceed the earnings from global market sales. MIFCO has traditionally relied on loans and government support to address these financial shortfalls.
MIFCO’s shift to market-based pricing is intended to provide a sustainable solution. The new system will see purchase rates based on current market conditions and export costs, with prices reviewed weekly.
Additionally, MIFCO assured that it would settle the remaining outstanding payments to local fishers on Monday, bringing the total paid to fishers by the state to MVR 353 million in 2024. The statement noted that MIFCO has also paid an additional MVR 389 million for fish sold, with total disbursements, including fuel and ice credit, amounting to MVR 831 million.
