MIFCO Pays Over $300,000 to Fishermen Amid Ramadan Slowdown

The Maldives Industrial Fisheries Company Limited (MIFCO) has disbursed more than $300,000 to fishermen this month, maintaining payments even as fishing activity slows during Ramadan. According to the state-owned enterprise, 233 boats have landed 352 metric tonnes of fish, generating total payments of $333,498 to the supplying vessels. The company reported a decline in the number of fishing trips during the holy month, directly impacting the overall catch volume and disbursement amounts. The single largest payout so far was $46,325 on March 2, paid to 21 boats. Skipjack tuna fishermen received the largest share of the payments, totaling $265,888. This was followed by fishermen catching larger fish over 15kg, who received $52,965, and those catching fish over 10kg, who were paid $21,766. A significant development is the current payment cycle, with fishermen now receiving money for their catch within 48 hours. This marks a shift from previous delays. The improvements are part of a broader government initiative to support the vital fishing sector, which also includes offering subsidised fuel nationwide and increasing fish purchase prices. The government has reiterated its commitment to further expanding the fishing industry, aiming to solidify its status as one of the largest income-generating sectors in the Maldivian economy.