MIFCO Pays USD 2 Million to Fishermen as Monsoon Slows May Catch

The Maldives Industrial Fisheries Company (MIFCO) disbursed over USD 2 million to local fishermen in May, despite a significant dip in fish landings compared to the previous month. According to official statistics, 693 fishing vessels delivered a total of 1,791 tonnes of fish—primarily skipjack and yellowfin tuna—resulting in a total payout of USD 2,015,684. This represents a sharp decline from April, when 1,068 vessels delivered 4,414 tonnes of fish. Industry analysts attribute the drop in productivity to the onset of the south-west monsoon on May 10, which created challenging conditions for sea travel and fishing operations. Additionally, a decrease in fishing trips during the Eid holiday celebrations at the end of the month contributed to the lower volumes. The Maldives government continues to prioritize the fisheries sector as a cornerstone of national income. To support the industry, MIFCO has implemented a streamlined payment system, ensuring fishermen receive payment within 48 hours of delivery. To further mitigate the impact of rising global fuel costs driven by instability in the Middle East, the state has ramped up fuel subsidies. More than 2.9 million litres of subsidized fuel have been distributed across nine locations to ensure that fishing operations remain viable for local communities during volatile economic periods.