MIFCO Increases Fish Purchase Price to Boost Fisherman Earnings During Low Season

The state-owned Maldives Industrial Fisheries Company (MIFCO) has increased its purchase price for fish to USD 1.36 per kilogram, providing critical financial support to local fishermen during the current off-peak season. The price adjustment follows a period of reduced catches across the archipelago, which has heightened local market demand. This update represents a USD 0.06 increase per kilogram for skipjack tuna, rising from the USD 1.30 rate that had been in place since June 14. In a statement to PSM News, MIFCO explained that purchase prices are subject to continuous evaluation based on international market fluctuations, internal operational standing, and local supply-and-demand dynamics. The company noted that these adjustments are aligned with national policy directives designed to maximize the income of Maldivian fishermen. The updated rate is available immediately across the country's primary fishing infrastructure. This includes the Kooddoo Fisheries Complex (KFC Jetty), the Addu Fisheries Complex (AFC Jetty), and the Felivaru Fisheries Complex (FFC Jetty). Furthermore, MIFCO collection vessels—specifically Randhi-20, Randhi-23, Randhi-25, Randhi-29, and KAL 401—are now purchasing skipjack tuna at the new rate. This temporary price relief arrives as the government pushes forward with long-term reforms to stabilize and strengthen the fisheries sector. Current initiatives focus on expanding value-added fish production and increasing national cold storage capacity to reduce waste and improve stability. To ensure higher returns for local products year-round, the government is also enhancing quality-assurance protocols for export markets and establishing more resilient international supply networks. These structural changes aim to move the industry toward a more sustainable model that protects fishermen from the volatility of seasonal catches.