MIFCO Pays Out Over USD 5 Million to Fishermen in April

The Maldives Industrial Fisheries Company Limited (MIFCO) disbursed USD 5.11 million to local fishermen in April, reflecting the continued productivity of the nation's vital fishing industry. According to company data, 1,068 fishing vessels supplied a total of 4,414 tonnes of fish during the month. The vast majority of the payouts were driven by skipjack tuna catches, with 781 vessels receiving USD 5.03 million for 4,146 tonnes of fish. Yellowfin tuna also contributed to the monthly totals. Fishermen from 196 vessels supplying yellowfin over 15kg received USD 65,000, while 91 vessels supplying fish over 10kg were paid USD 7,500. These figures underscore the diversity of the catch and the specific market values assigned to different tuna grades. The disbursement comes as the Maldivian government prioritizes the expansion of the fisheries sector, viewing it as a cornerstone for national income generation and economic stability. To ensure the financial viability of the trade, MIFCO has implemented a streamlined payment system, ensuring fishermen receive their funds within 48 hours of supply. Beyond direct payments, the government is actively mitigating the impact of rising global energy prices, which have been exacerbated by conflicts in the Middle East. To support the fleet, more than 1.1 million litres of subsidized fuel have already been distributed across nine strategic locations. These measures aim to lower operational costs for vessel owners and protect the livelihoods of fishing communities across the atolls.