MIFCO Payments Surge to $3.2 Million as July Fish Purchases Skyrocket

The Maldives Industrial Fisheries Company (MIFCO) disbursed USD 3.22 million to local fishermen in July, marking a staggering 339 percent increase over the previous month's payments of USD 732,815. This financial surge follows a significant rise in activity within the sector. The number of fishing vessels supplying MIFCO grew by 59 percent, rising from 517 vessels in June to 822 in July. Consequently, fish purchases surged by 335.5 percent, with the company procuring 2,474 tonnes of fish compared to just 568 tonnes in June. Skipjack tuna dominated the monthly catch, with 539 vessels delivering 2,400 tonnes valued at USD 3.1 million. Yellowfin tuna also contributed to the totals, with 98 vessels delivering 11.7 tonnes (over 10kg) valued at USD 15,180, and 185 vessels delivering 62.7 tonnes (over 15kg) valued at USD 97,230. Beyond the increase in volume, MIFCO has addressed previous operational hurdles. Long-standing payment delays have been resolved, with fishermen now receiving payments within 48 hours of delivering their catch. This efficiency is paired with government-led support measures, including improved purchase prices and the provision of subsidized fuel available across the archipelago. The Maldivian government continues to prioritize fisheries as a strategic pillar of the national economy. By strengthening support for local fishers and optimizing the supply chain, the state aims to transform the sector into one of the country’s largest and most sustainable income-generating industries.