MIFCO Pays USD 733,000 to Fishermen for 568 Tonnes of June Catch

The Maldives Industrial Fisheries Company (MIFCO) has disbursed USD 733,000 to local fishermen for fish purchased throughout June, reflecting the government's commitment to stabilizing the fisheries sector. According to MIFCO statistics, a total of 517 fishing vessels supplied the company during the month. The bulk of the purchase consisted of 484.4 tonnes of skipjack tuna, which generated USD 604,858 in payments for 196 participating vessels. The company also processed significant volumes of yellowfin tuna. 212 vessels delivering yellowfin weighing over 15 kilograms received USD 108,564, while another 109 vessels providing yellowfin over 10 kilograms were paid USD 21,494. These payments align with a key policy of President Dr Mohamed Muizzu's administration to ensure fishermen are paid within 48 hours of delivering their catch. The initiative aims to improve cash flow for fishing communities and streamline the financial arrangements between the state-owned company and independent operators. To further support the industry, the government has prioritized fair pricing to mitigate the economic challenges faced by the fisheries sector. As part of these measures, MIFCO has increased the base purchase price to USD 1.30 per kilogram for both 10 kg and 15 kg grade tuna. For high-grade catches, the company offers a premium rate, with tuna weighing more than 15 kilograms currently purchased at USD 1.62 per kilogram. These pricing adjustments are part of a broader strategy to strengthen the Maldives' primary industry and ensure the sustainability of the pole-and-line fishing tradition.